Germany’s unemployment rate fell to 7.6 percent for the month of July from 7.7 percent the previous month to mark the lowest since November 2008. At the same time, the number of people out of work tumbled 20K, following a revised 20K decline in June.

The Euro pared the decline from the previous day and rallied to a fresh monthly high of 1.3091 during the overnight trade, and the single-currency may continue to retrace the decline from earlier this year as the economic docket reinforced an improved outlook for the region.

FXstreet.com (Buenos Aires) GBP/USD Current price: 1.5593. Starting the session at the exact some level as yesterday, Pound was barely moved today, holding around 1.5600 level since early Europe; however bullish tone persist as the pair managed to print a fresh monthly high around 1.5637, while at this point, hourly indicators are gaining a slightly bullish tone, still lacking strength.

Robert Schiller, professor of economics at Yale University, believes the economy is still vulnerable to another recession.

“For me a double-dip is another recession before we’ve healed from this recession … The probability of that kind of double-dip is more than 50 percent,” Shiller said. “I actually expect it.”

Source: Reuters

The GBP/USD has been moving up steadily off of the lows and has moved up through the previous high of 1.55226.