ZEW Economic Sentiment declined more than expected

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Tuesday, Jul 14 2015

The ZEW Indicator of Economic Sentiment for Germany slightly declines in July 2015. Decreasing by 1.8 points compared to the previous month, the index now stands at a level of 29.7 points. Analysts were forecasting smaller decline to 30.6. "Neither the difficulties in dealing with the Greek sovereign debt crisis nor the turmoil on Chinese financial markets seem to impress the financial market experts strongly. Despite the slight decline of the indicator, the overall economic outlook for Germany remains positive", says ZEW President Professor Clemens Fuest.

The assessment of the current situation in Germany has improved slightly. Increasing by 1.0 points, the index now stands at 63.9 points. The financial market experts’ sentiment concerning the economic development of the Eurozone declined. ZEW’s Indicator of Economic Sentiment for the Eurozone has decreased by 11.0 points to a reading of 42.7 points. This was well below expectations on decrease to 50.6. Gaining 7.2 points in July 2015, the indicator for the current situation in the euro area has reached a value of minus 14.4 points.

Data did not have any major impact on the markets with currently being traded few points above 1.1030 level. Pair is likely to find support around 1.0970 area and resistance above 1.1080 handle. Later today, in the US session, Retail Sales figures are scheduled for a release.

More in this category: « UK CPI unchanged, PPI continues to fall USD down after disappointing Retail Sales data »

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