German ZEW economic sentiment drops to -22.5 in Sept, beats estimates – EUR/USD stays above 1.10
|The German ZEW headline numbers for September showed that the economic sentiment index came in at -22.5 versus -37.0 expectations and -44.1 last. While the sub-index current conditions figure dropped to -19.9 in August versus -15.0 expected and -13.5 booked previously.
ZEW President Professor Achim Wambach noted: “The rise of the ZEW Indicator of Economic Sentiment is by no means an all-clear concerning the development of the German economy in the next six months. The outlook remains negative. However, the rather strong fears that financial experts had in the previous month regarding a further intensification of the trade conflict between the USA and China did not come true. And there is still hope that a no-deal Brexit can be avoided. In addition, the European Central Bank is attempting to reduce the economic risks in the eurozone by further easing its monetary policy.”
Meanwhile, the Eurozone ZEW economic sentiment for September arrived at -22.4 vs. -32.2 expected and -43.6 last.
The shared currency turned slightly lower on mixed German and Eurozone ZEW surveys, with EUR/USD off the highs in familiar range just ahead of the 1.10 handle.
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