The Ministry of Employment is due to release the Spanish Unemployment Change in 15 minutes from now. Economists are expecting an extreme fall in unemployment change from -1.8K to -56.3K in December.

Although it’s generally viewed as a lagging indicator, the number of unemployed people is an important signal of overall economic health because consumer spending is highly correlated with labor-market conditions.

In case the actual figures come out as -56.3K, we may see some sell-off in the EUR/USD . Let’s keep an eye on it.