Euro slides as Spain 8217 s jobless data soars

The euro has depreciated in forex trading this afternoon (November 5th) on news one of the single currency region's most embattled nations is not succeeding in resolving its employment crisis.

Official figures for October released today show that Spain's joblessness has increased by 2.7 per cent month-on-month, which is a rise of 128,242 people bringing the total number of Spanish citizens looking for work to 4.83 million.

Spain is the fourth-largest economy in the 17 member-state eurozone region and has been in recession for three years now, struggling with the highest rate of unemployment in the bloc and one of the biggest public deficits.

The nation's unemployment rate stood at 25 per cent at the end of the third quarter, with this figure jumping to 52 per cent for young people aged between 16 and 24.

At 14:30 GMT today, the euro slipped versus the dollar by 0.3 per cent to €1 buying $1.278, while it depreciated marginally against the pound to £0.800.

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