- German ZEW Economic Sentiment arrived at -34.3 in June vs. –34.3 previous.
- The ZEW Current Situation for Germany came in at -36.5 in June vs. -36.5 prior.
- EUR/USD keeps its range below 1.0500 on downbeat German and Eurozone data.
The German ZEW headline numbers for June showed that the Economic Sentiment Index unexpectedly remained unchanged at-34.3 while missing estimates of -27.5.
Meanwhile, the Current Situation sub-index also held steady at -36.5 in June vs. -31.0 expectations.
The Eurozone ZEW Economic Sentiment Index stood at -28.0 in the current month as compared to the -29.5 previous reading and -24.3 expected.
Key takeaways
Indicator of economic sentiment increased moderately this month but still remains at a relatively low level.
Economy still exposed to numerous risks such as effects of sanctions against Russia.
The strong restrictions in China to fight against new COVID-19 infections lead to a strong reduction in the assessment of the current economic situation in China.
FX market reaction
The euro pares back gains on disappointing ZEW Surveys from Germany and Eurozone. EUR/USD was last seen trading at 1.0454, up 0.47% on the day.
