BREAKING: EUR ticks higher after ZEW data

German ZEW economic research institute publish a new set of its monthly indicators at 10:00 am BST today. Data for May was expected to show an improvement in both, the Economic Sentiment (Expectations) index and the Current Situation index.

Actual report turned out to be a positive surprise. Headline Economic Sentiment index increased from 42.9 in April to 47.1 in May, more than 46.2 expected by analysts. A beat was also spotted in Current Situation index, which improved from -79.2 in April to -72.3 in May (exp. -75.9).

ZEW economists said that signs of economic recovery are growing, bolstered by better assessments of the Eurozone and of China as key exports market. Increased optimism is reflected especially in sharp rise in expectations for domestic consumption, followed by the construction and machinery sectors.

EUR jumped in a knee-jerk move, while European indices, like for example DE40, moved lower. However, scale of moves was rather small and they were quickly erased.

Germany, ZEW indices for May

Economic Sentiment: 47.1 vs 46.2 expected (42.9 previously)
Current Situation: -72.3 vs -75.9 expected (-79.2 previously)

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