German July ZEW Current Situation Index misses estimates with -80.9, EUR/USD off the highs

German ZEW Economic Sentiment arrived at 59.3 in July vs. 60.0 expected.
EUR/USD off the highs around 1.1350, weighed down by downbeat numbers.

Dhwani Mehta FXStreet

The German ZEW headline numbers for July showed that the Economic Sentiment Index came in at 59.3 versus 60.0 expectations and 63.4 last.

While the sub-index Current Conditions figure arrived at -80.9 in July versus -65.0 expected and -83.1 booked previously.

Meanwhile, the Eurozone ZEW economic sentiment for July stood at 59.6 vs. 78.1 expected and 58.6 last.

ZEW President Professor Achim Wambach noted: “The outlook for the German economy largely remains unchanged compared to the previous month. after a very poor second quarter, the experts expect to see a gradual increase in the gross domestic product in the second half of the year and in early 2021.”

EUR/USD reaction

The shared currency holds the latest upside despite the downbeat German and Eurozone ZEW numbers, with EUR/USD now challenging highs at 1.1355, up 0.11% on the day.

Author

Dhwani Mehta

FXStreet

Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.

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