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Euro Little Changed After ZEW Survey Dropped In November

Euro Little Changed After ZEW Survey Dropped In November

Oded Shimoni, Junior Currency Analyst


Talking Points:

  • The Euro was little changed versus the US Dollar
  • Euro-Zone ZEW Survey economic sentiment fell to 28.3
  • German ZEW Survey economic sentiment rises to 10.4, above expectations

The Euro was little changed versus the US Dollar after today’s Euro-Zone ZEW Survey showed financial experts throughout Europe think economic developments are less favorable in the Euro-Zone than the prior month. The Euro-Zone’s sentiment figure printed 28.3, below the prior 30.1. The German ZEW Survey Economic Sentiment index, rose to 10.4, above economist’s expectations of 6.0, and above the prior 1.9. As ZEW remarked, the indicator improved for the first time following seven consecutive declines. The German ZEW Current conditions Survey dropped slightly by 0.8 points to 54.4, below the expected and prior 55.2.

ZEW said that the outlook for the German economy is brightening due to high level of consumption in Germany, and the recent decline in the Euro, with the ongoing recovery in the United States likely to assist the recovery of the German economy.

The positive reading in Germany may have offset influence of the report on the Euro, and with more high impact event risk later the day, the Euro was little changed versus the US Dollar.

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