German ZEW Economic Sentiment Index slumps to -39.3 in March, a big miss
|- German ZEW Economic Sentiment arrived at -39.3 in March, down from 54.3 previous.
- The ZEW Current Situation for Germany came in at -21.4 in March vs. February’s -8.1.
- EUR/USD keeps its range around 1.1000 on mixed German and Eurozone data.
The German ZEW headline numbers for March showed that the Economic Sentiment Index deteriorated sharply amid the Russia-Ukraine war, coming in at -39.3 from 54.3 previous while missing estimates of 10.0 by a wide margin.
Meanwhile, the Current Conditions sub-index slumped to -21.4 in March as against -8.1 recorded in the previous month and -22.5 expectations.
The Eurozone ZEW Economic Sentiment Index tumbled to -38.7 the current month as compared to the 48.6 previous reading.
Separately, Industrial Production in the bloc arrived at 0% MoM in the first month of 2022 vs. a 0.1% increase expected and 1.3% last.
On an annualized basis, the industrial output fell by 1.3% in January versus a 0.5% decrease expected and December’s 2.0%.
FX market reaction
The euro remains unfazed by the mixed ZEW Surveys and Eurozone data. EUR/USD was last seen trading at 1.1000, up 0.56% on the day.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.