Euro area Unemployment Rate declines to 8.4% in October as expected

• Unemployment Rate in the euro area declined modestly in October.
• EUR/USD trades with small losses above 1.2050 after the data.

The seasonally-adjusted Unemployment Rate in the euro area ticked down to 8.4% in October from 8.5% in September, the data published by the Eurostat showed on Wednesday. This reading came in line with analysts' estimates.

"The EU unemployment rate was 7.6% in October 2020, stable compared with September 2020 and up from 6.6% in October 2019," the publication further read. 

Market reaction

This report doesn't seem to be having an impact on the shared currency's performance against its peers. As of writing, the EUR/USD pair was down 0.1% on a daily basis at 1.2058.