Based on the last 12 Unemployment Change events in Germany, we expect a 6,500 pip movement on NIY within 2 hours following the event release at 04 Jan 08:55 UTC. We expect NIY to trend upwards 2 hours following the event release at 04 Jan 08:55 UTC if the released value is > -15K

Historical events that allowed us to draw this conclusion

29 Apr 07:55

02 Mar 08:55