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.
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.
