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EUR/USD Daily Forecast – 19 July

Tuesday, Jul 18 2017
EUR/USD Daily Forecast – 19 July

Yesterday's session brought ZEW Economic Sentiment figures for Germany and Eurozone. The ZEW Indicator of Economic Sentiment for Germany fell slightly by 1.1 points in July 2017 and now stands at 17.5 points. The indicator thus still remains below the long-term average of 23.8 points. The assessment of the current economic situation in Germany decreased by 1.6 points in July. The corresponding indicator, however, still remains at a fairly high level of 86.4 points. “Our overall assessment of the economic development in Germany remains unchanged compared to the previous month. The outlook for the German economic growth in the coming six months continues to be positive. This is now also reflected in the survey results for the eurozone,” comments ZEW President Professor Achim Wambach, PhD.

The indicator reflecting the financial market experts’ expectations regarding the economic development in the eurozone decreased by 2.1 points in July, bringing the expectation indicator to a current level of 35.6 points. By contrast, the indicator for the current economic situation in the eurozone climbed significantly. It currently stands at 28.7 points, 8.2 points higher than in June. Since November 2016, the indicator for the economic situation in the eurozone has been steadily increasing, now reaching its highest level since January 2008. With that said, the economic outlook for the eurozone has experienced a clear overall improvement.

 

There will be no major data releases from Eurozone tomorrow. In the US session Building Permits and Housing Starts figures will be published. Analysts predict incline to 1.20 million in Building Permits and to 1.16 million in Housing Starts.

 

Figures to watch:

 

Building Permits/Housing Starts (Wednesday 14:30)

More in this category: « GBP/USD Daily Forecast – 19 July AUD/USD Daily Forecast – 20 July »

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