Analysts at BBH explain that the German economic data continues to surprise on the downside as economists have not yet caught up to the slowing that has occurred here in Q1.
“Today's disappointment was the ZEW survey. Both the current assessments and expectations components fell more than expected. Of note, the latter fell into negative territory for the first time since July 2016 and is the lowest since late 2012. The euro was already encountering offers in the European morning before the survey. The euro eased further after the report. Support is seen in the $1.2340-$1.2360 area.”
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