Eurozone May Sentix Investor Confidence misses estimates with -41.8, EUR/USD keeps losses
|Investor confidence in the Eurozone deteriorated more-than-expected in May, as the easing of the coronavirus led lockdown measures across Europe failed to lift the sentiment, the latest data published by the Sentix research group showed on Monday.
The gauge slumped to 41.8 in May from -42.9 in April and against a reading of -33.5 expected. The assessment of current conditions hit an all-time low amid impending economic damage from the virus outbreak.
The current situation index dropped for a fourth straight month, hitting a record low of -73.0 after -66.0 in April.
Sentix Chief Manfred Huebner said: “The economy in the euro zone has experienced a breathtaking crash in recent weeks.”
“This collapse goes far beyond the distortions caused by the financial crisis. Countries like Germany and Austria are in a position to gradually lift the often-drastic measures," Huebner added.
About Eurozone Sentix Investor Confidence
Among 1600 financial analysts and institutional investors, the Sentix Investor Confidence is a monthly survey that shows the market opinion about the current economic situation and the expectations for the next semester. The index, released by the Sentix GmbH, is composed by 36 different indicators. Usually, a higher reading is seen as positive for the Eurozone, which means positive, or bullish, for the Euro, While a lower number is seen negative or bearish for the unique currency.
FX implications
The shared currency ignored the downbeat Eurozone Sentix data, as EUR/USD extended recovery from 1.0924 lows.
At the time of writing, the spot loses 0.41% to trade at 1.0940.
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