EUR/USD eases to 1.0450 after German ZEW Economic Sentiment Index steadies at -34.3 in June
14.06.2022, 09:05

EUR/USD eases to 1.0450 after German ZEW Economic Sentiment Index steadies at -34.3 in June

  • German ZEW Economic Sentiment arrived at -34.3 in June vs. –34.3 previous.
  • The ZEW Current Situation for Germany came in at -36.5 in June vs. -36.5 prior.
  • EUR/USD keeps its range below 1.0500 on downbeat German and Eurozone data.

The German ZEW headline numbers for June showed that the Economic Sentiment Index unexpectedly remained unchanged at-34.3 while missing estimates of -27.5.

Meanwhile, the Current Situation sub-index also held steady at -36.5 in June vs. -31.0 expectations.  

The Eurozone ZEW Economic Sentiment Index stood at -28.0 in the current month as compared to the -29.5 previous reading and -24.3 expected.  

Key takeaways

Indicator of economic sentiment increased moderately this month but still remains at a relatively low level.

Economy still exposed to numerous risks such as effects of sanctions against Russia.

The strong restrictions in China to fight against new COVID-19 infections lead to a strong reduction in the assessment of the current economic situation in China.

FX market reaction

The euro pares back gains on disappointing ZEW Surveys from Germany and Eurozone. EUR/USD was last seen trading at 1.0454, up 0.47% on the day.

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