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Euro Unlikely to Find Strength in Upbeat German ZEW Survey

Euro Unlikely to Find Strength in Upbeat German ZEW Survey

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.


Asia Session

22:30AUDANZ Roy Morgan Weekly Consumer Conf110.8-110.3
0:30AUDRBA March Meeting Minutes---
2:00CNYForeign Direct Investment CNY (YoY) (FEB)0.9%--
3:04JPYBOJ Annual Rise in Monetary Base (¥)80T80T80T
5:00JPYLeading Index (JAN F)105.5-105.1
5:00JPYCoincident Index (JAN F)113.3-113.0

European Session

7:00EUREU 25 New Car Registrations (FEB)-6.7%Low
10:00EUREurozone Employment (QoQ) (4Q)-0.4%Low
10:00EUREurozone Employment (YoY) (4Q)-0.6%Low
10:00EURGerman ZEW Survey (Current Situation) (MAR)52.045.5High
10:00EURGerman ZEW Survey (Econ Sentiment) (MAR)59.453.0High
10:00EUREurozone ZEW Survey (Econ Sentiment) (MAR)-52.7Medium
10:00EUREurozone CPI (MoM) (FEB)0.6%-1.6%Medium
10:00EUREurozone CPI (YoY) (FEB F)-0.3%-0.3%Medium
10:00EUREurozone CPI - Core (YoY) (FEB F)0.6%0.6%Medium

Critical Levels

CCYSupp 3Supp 2Supp 1Pivot PointRes 1Res 2Res 3

--- Written by Ilya Spivak, Currency Strategist for

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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.