Spain reports surge of over 300,000 jobless in March claims, worst ever, EUR/USD pressured

Spain has reported a leap of 302,265 jobless claims in March, the worst on record. The country reports its claims early, and it provides guidance for the rest of the continent. At the peak of the financial crisis, the level of claims was around 200,000. Social security figures have also shown that 898,822 workers lost their jobs since the lockdown began. 

The fourth-largest economy in the eurozone has announced a nationwide lockdown on March 14 to combat coronavirus. Restrictions have since been tightened, with non-essential workers asked to stay at home from March 30. The limits expire on April 12 but Madrid will likely further extend them as COVID-19 cases continue rising at an elevated pace. 

EUR/USD is trading below 1.0950, under pressure.