German ZEW Economic Sentiment Decline

Today was the first ZEW announcement since November with negative deviation.

Previous release: 48.2
Forecast: 41.5
Actual: 36.3

Despite the 12 point fall, the current level is still very high compared to the last couple years of data, it has only been recently exceeded by February and March’s figures.

Since the ZEW is a survey of what institutional investors and analysts think, investors and economists watch the report very, very closely.

ZEW President Prof. Dr. Clemens Fuest says, “Basically, the surveyed financial market experts remain confident, but are less optimistic than they have been in the previous month. The decline in economic sentiment is consistent with the release of economic data that fell short of expectations”.

eurusd

The 1.312 area that the EURUSD is at is a significant resistance level that it is breaking through. If the EURUSD closes above that level, or even better, the 1.313, we may expect continued bullishness.

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