German ZEW Institute issued a new set of sentiment indices for February today at 10:00 am GMT. Report was expected to show an improvement in Expectations subindex as well as deterioration in Current Conditions subindex. Actual data somewhat confirmed those expectations - Expectations subindex improved more-than-expected, while Current Conditions index deteriorated more-than-expected. ZEW Institute economists said that German economy is in a bad place and that more than two-thirds of survey responds expect ECB to cut rates over the next 6 months.
EUR ticked higher following the release, but scale of the move was very small. EURUSD ticked around 0.05% higher in a knee-jerk move. Similar gains could be seen on DE40 in the first minutes following the release.
Germany, ZEW Institute indices for February
- Current Conditions: -81.7 vs -79.0 expected (-77.3 previously)
- Expectations: +19.9 vs +17.5 expected (+15.2 previously)
EURUSD ticked higher following mixed German ZEW reading, but scale of the move was very small. Source: xStation5
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