German ZEW Economic Sentiment Index drops to 70.7 in April, misses estimates
|- German ZEW Economic Sentiment arrived at 70.7 in Apr vs. 79.0 expected.
- ZEW Current Situation for Germany came in at -48.8 in Apr vs. -53.0 expected
- EUR/USD drops below 1.1900 on mixed ZEW numbers.
The German ZEW headline numbers for April showed that the Economic Sentiment Index dropped to 70.7 versus 79.0 expectations and 76.6 last.
While the sub-index Current Conditions figure arrived at -48.8 in April versus -53.0 expected and -61.0 booked previously.
Meanwhile, the Eurozone ZEW Economic Sentiment for April fell to 66.3 vs. 73.2 expected and 74.0 last.
ZEW President Professor Achim Wambach noted: “This is the first time that the indicator has experienced a drop since November 2020. The financial market experts are somewhat less euphoric than in the previous month. Fears of a stricter lockdown have led to a decline in expectations for private consumption.”
“Outlook for exports is better than in the previous month,” Wambach added.
EUR/USD reaction
EUR/USD fails to sustain its bounce above 1.1900 on mixed German and Eurozone ZEW surveys. The spot trades 0.13% lower at 1.1894, as of writing.
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