By FXEmpire.com
As the EU Finance Ministers summit opens its doors, after days of preparation and press conferences and meetings the formal opening has arrived. With the opening comments by German Finance Minister Schaeuble are being listened to closely around the globe. What happens the unexpected, a kick from behind.
As the Germans continue to pound their chest, telling the world how they have their economy under control and how their leadership will guide the EU from disaster. Schaeuble and Merkel
As Minister Schaeuble is on stage expounding how German would consider sharing the debt burdens of the lesser countries and how Germany cannot be expected to do this or that, a small insignificant report is released.
The German unemployment numbers shocked the markets today. The euro has tumbled in just a few short minutes to trade at 1.2431, when it was over the 1.25 price before the release.
Unemployment rose to 6.8% and the total number of new claims was at 7k as opposed to the forecast of 5k and the prior months of 0.
The numbers show that Germany is not invincible as they would like the world to think, they are suffering internally as well as from contagion of the surrounding countries.
Add this to an unexpected drop in Germany CPI reported earlier this week; markets will now see problems with the German economy.
Perhaps Ms. Merkel and Mr. Schaeuble will be a bit reticent and a bit more understanding and a bit more eager to give a little and a lot less pompous
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Originally posted here
