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- German ZEW Economic Sentiment Index improves to -8.5 in June vs. -13.0 expected
German ZEW Economic Sentiment Index improves to -8.5 in June vs. -13.0 expected
- Germany’s ZEW Economic Sentiment Index unexpectedly improved in June.
- EUR/USD is testing highs above 1.0800 after the mixed ZEW surveys.
The German ZEW headline number showed that the Economic Sentiment Index unexpectedly improved in June, arriving at-8.5 from -10.7 seen in May while beating the market expectation of -13.0.
However, the Current Situation Index slumped to -56.5 from -34.8 prior, missing the market expectation of -40.0 by a wide margin.
During the same period, the Eurozone ZEW Economic Sentiment Index worsened to -10.0 from -9.4, compared with the estimates of -1.5.
Key points
The ZEW indicator of economic sentiment shows a slight improvement, but it remains in negative territory.
This means that experts do not anticipate an improvement in the economic situation during the second half of the year.
Particularly, sectors focused on exports are likely to perform poorly due to a weak global economy.
However, the current recession is generally not considered particularly alarming.
Market reaction
The EUR/USD pair is gaining upside traction despite the mixed data, hitting fresh monthly highs near 1.0810, up 0.46% on the day.
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