German ZEW Economic Sentiment Index declines to 13.0 in March vs. 16.4 expected
- Germany’s ZEW Economic Sentiment deteriorated in March.
- EUR/USD bulls remain unperturbed by the downbeat ZEW surveys, near 1.0750.
The German ZEW headline number showed that the Economic Sentiment Index worsened in March, arriving at 13.0 from 28.1 in January, missing the market expectation of 16.4.
Meanwhile, the Current Situation Index came in at -46.5 from -45.1, worse than the market expectation of -45.8.
During the same period, the Eurozone ZEW Economic Sentiment Index slumped to 10.0 from 29.7, compared to the estimates of 23.2.
Key points
The international financial markets are under strong pressure.
This high level of uncertainty is also reflected in the ZEW indicator of economic sentiment.
The assessment of the earnings development of banks has deteriorated considerably, although it still remains slightly positive.
Estimates for the insurance industry have also declined significantly.
Market reaction
The EUR/USD pair has ignored the downbeat data, keeping its range near 1.0750, up 0.22% on the day.