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ZEW Economic Sentiment fell in June more than expected

Tuesday, Jun 16 2015
The ZEW Indicator of Economic Sentiment for Germany in June 2015 fell for the third consecutive year. The index fell compared with the previous month by 10.4 points to a level of 31.5 points. Analysts were predicting smaller decrease to 37.5 points. Factors that have caused this decline include above all the continuing uncertainty over the future of Greece and the subdued dynamics of the global economy, said ZEW? President Prof. Dr. Clemens Fuest.
 
The assessment of the economic situation in Germany also declined. The index lost 2.8 points and now stands at 62.9 points. The expectations of financial market experts on the economic development in the euro zone deteriorated as well. The expectation indicator decreased by 7.5 points to 53.7 points, very much below expected decline to 60.3 points. The indicator for the current economic situation in the euro area has deteriorated in June 2015 by 5.1 points to minus 21.6 points.
 
Despite the figures, euro found support around 1.1250 area and is currently being traded few points above 1.1260 level. Pair is likely to find support around 1.12 handle and resistance above 1.1330 area. Later today, in the US session, Building Permits and Housing Starts figures were released.
More in this category: « Sterling down after disappointing PPI figures Building Permits at an annual rate of 1,275,000 »

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