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ZEW Economic Sentiment increased more than expected

Tuesday, Jan 20 2015
While analysts were predicting increase to 40.1 points German ZEW Economic Sentiment rose to 48.4. The index has increased for the third consecutive time reaching the highest reading since February 2014.
 
"The new year started with turmoil in the capital markets. News of the upcoming parliamentary elections in Greece and the Swiss National Bank's decision to abandon the euro cap on the franc's value have led to strong stock market fluctuations. However, this seems not to have impressed ZEW's financial market experts with regard to their expectations on the German economy. Instead, decreasing crude oil prices and a depreciating euro have contributed to a further gain of the indicator," says ZEW President Professor Clemens Fuest.
 
ZEW Economic Sentiment for Eurozone also beat market expectations on incline to 37.6 and increased to 45.2 points. The indicator for the current situation in the euro area has improved for the first time since May 2014. Gaining 5.7 points in January 2015, the indicator has a current value of minus 57.1 points.     
 
After the data euro increased but immediately pulled back and is currently being traded around 1.16 handle. Pair is likely to find support around 1.1550 and resistance above 1.1650 level. Later today, NAHB Housing Market Index data will be released. 
More in this category: « Sterling little changed in a tighter-range Tuesday's session NAHB Housing Market Index down to 57 »

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