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Euro Unlikely to Find Strength in Upbeat German ZEW Survey

Euro Unlikely to Find Strength in Upbeat German ZEW Survey

Ilya Spivak, Head Strategist, APAC

Talking Points:

  • Improving German ZEW Survey Data Unlikely to Offer Support to the Euro
  • NZ Dollar Gains on Risk Appetite as Asian Stocks Follow Wall Street Higher
  • See Economic Releases Directly on Your Charts with the DailyFX News App

The German ZEW Survey of analyst sentiment headlines the economic calendar in European trading hours. The forward-looking Expectations index is expected to rise to 59.4 in March, marking the fifth consecutive advance and the highest level in 14 months. An upbeat outcome will not change the ECB’s dovish posture however, and may even owe its existence to the central bank’s stimulus expansion. With that in mind, such a result is unlikely to boost the Euro.

Later in the day, the spotlight will turn to US economic data, with February’s Housing Starts and Building Permits figures on tap. The former is expected to decline for a second consecutive month, dropping 2.4 percent, while the latter produces the first increase since October 2014. US economic news-flow has increasingly disappointed relative to consensus forecasts since the start of the year, but a repeat of the pattern this time around is unlikely to yield a strong response from the US Dollar as traders await the outcome of this week’s FOMC meeting before showing directional commitment.

The New Zealand Dollar outperformed in otherwise quiet overnight trade, rising as much as 0.3 percent on average against its leading counterparts. The advance tracked a rally on Asian stock exchanges, pinning a swell in risk appetite as the catalyst. The MSCI Asia Pacific regional benchmark equity index rose 1 percent, following a positive lead from Wall Street.

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Asia Session

GMT

CCY

EVENT

ACT

EXP

PREV

22:30

AUD

ANZ Roy Morgan Weekly Consumer Conf

110.8

-

110.3

0:30

AUD

RBA March Meeting Minutes

-

-

-

2:00

CNY

Foreign Direct Investment CNY (YoY) (FEB)

0.9%

-

-

3:04

JPY

BOJ Annual Rise in Monetary Base (¥)

80T

80T

80T

5:00

JPY

Leading Index (JAN F)

105.5

-

105.1

5:00

JPY

Coincident Index (JAN F)

113.3

-

113.0

European Session

GMT

CCY

EVENT

EXP

PREV

IMPACT

7:00

EUR

EU 25 New Car Registrations (FEB)

-

6.7%

Low

10:00

EUR

Eurozone Employment (QoQ) (4Q)

-

0.4%

Low

10:00

EUR

Eurozone Employment (YoY) (4Q)

-

0.6%

Low

10:00

EUR

German ZEW Survey (Current Situation) (MAR)

52.0

45.5

High

10:00

EUR

German ZEW Survey (Econ Sentiment) (MAR)

59.4

53.0

High

10:00

EUR

Eurozone ZEW Survey (Econ Sentiment) (MAR)

-

52.7

Medium

10:00

EUR

Eurozone CPI (MoM) (FEB)

0.6%

-1.6%

Medium

10:00

EUR

Eurozone CPI (YoY) (FEB F)

-0.3%

-0.3%

Medium

10:00

EUR

Eurozone CPI - Core (YoY) (FEB F)

0.6%

0.6%

Medium

Critical Levels

CCY

Supp 3

Supp 2

Supp 1

Pivot Point

Res 1

Res 2

Res 3

EURUSD

1.0225

1.0387

1.0477

1.0549

1.0639

1.0711

1.0873

GBPUSD

1.4565

1.4685

1.4757

1.4805

1.4877

1.4925

1.5045

--- Written by Ilya Spivak, Currency Strategist for DailyFX.com

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