Eurozone unemployment falls to lowest since February 2009

Eurozone unemployment rate dropped to 9.1% in June

Eurozone unemployment rate dropped to 9.1% in June

Looking ahead the GBP/EUR exchange rate may slide further on Tuesday with the release of the latest "flash" for the Eurozone's second quarter GDP figures, with economic growth in the bloc expected to have registered a healthy 0.6 per cent increase in the three months leading to June.

The Euro jumped to its strongest position in two-and-a-half years against the US Dollar on Monday, ending London trading nearly one percent higher.

Unemployment reached 9.1 per cent in June, down from 9.2 per cent in May, according to the European Commission. The numbers came a week after the International Monetary Fund (IMF) said the eurozone was strengthening, but warned of instability around Brexit and low inflation rates.

Earlier, the final IHS Markit Euro-Zone manufacturing PMI showed that Euro-Zone manufacturing growth slowed slightly at the start of the third quarter. Indexes of manufacturing activity are showing strong growth. The reading was well above the 50-mark that separates expansion from contraction and beat economists' forecasts for 54.4.

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Rob Dobson, an economist at the survey's compilers, IHS Markit, said it showed United Kingdom manufacturing - which makes up a tenth of the United Kingdom economy - had started the third quarter on a solid footing. Strong economic growth should steer the European Central Bank towards reining in asset purchases, but policymakers are still waiting on inflation.

The EU economics commissioner, Pierre Moscovici, said the new estimates could likely lead to an upwardly revision of the commission's forecasts, which in May predicted a 1.7 percent rise of euro zone's output this year and 1.8 percent in 2018.

US job creation surged by more than expected in June and is seen lower but still strong in July, a sign of labor market strength that could keep the Fed on course for a third interest rate hike this year. Input prices rose at the slowest pace in more than a year, according to the survey.

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