German ZEW Economic Sentiment Index jumps to 84 in May, beats expecttaions
|- German ZEW Economic Sentiment arrived at 84 in May, up from 70.7 previous.
- ZEW Current Situation for Germany came in at -40.1 in May vs. -48.8 in April.
- EUR/USD maintained its strong bid tone near session tops, around 1.2170 area.
The German ZEW headline numbers for May showed that the Economic Sentiment Index jumped to 84 from 70.7 previous. Meanwhile, the Current Conditions sub-index recovered to -40.1 in May as against -48.8 recorded in the previous month.
Separately, the Eurozone ZEW Economic Sentiment for May also climbed to 84.0 for the current month as compared to 66.3 previous.
FX market reaction
The positive data reaffirmed optimism over the vaccine rollout and remained supportive of the bid tone surrounding the EUR/USD pair, which was last seen trading around the 1.2165-70 region, or session tops.
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