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ZEW Economic Sentiment unexpectedly declined in May

Tuesday, May 24 2016
The ZEW Indicator of Economic Sentiment for Germany has declined slightly in May 2016. The index has decreased by 4.8 points compared to the previous month, now standing at 6.4 points, missing forecasts on an incline to 13.2. "The strong growth of the German economy in the first quarter of 2016 appears to have surprised the financial market experts. However, they seem not to expect the economic situation to improve at the same pace going forward. 24 May 2016 Uncertainties regarding developments such as a possible Brexit currently inhibit a more optimistic outlook," says Professor Achim Wambach, PhD, President of ZEW. 
The assessment of the current situation in Germany is improving. Growing by 5.4 points, the index now stands at 53.1 points. Financial market experts’ sentiment concerning the economic development of the Eurozone has dropped. The Indicator of Economic Sentiment for the Eurozone has decreased by 4.7 points to a reading of 16.8 points. Analysts were expecting increase to 23.4. Gaining 2.9 points in May 2016, the indicator for the current situation in the Eurozone has reached a value of minus 9.2 points. 
 
Euro is currently being traded few points below 1.1180 level. Pair is likely to find support around 1.1150 handle and resistance above 1.1250 level. Later today, in the US session, New Home Sales figures are scheduled for a release.
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