- German ZEW Economic Sentiment came in at -53.8 points in July, compared to -28.0 the previous month.
- Germany’s ZEW Current Situation Index stood at -45.8 in July, down from -27.6 previously.
- EUR/USD defends the 1.0000 level after negative data from Germany and the Eurozone.
German ZEW headline figures for July showed the economic sentiment index slumped to -53.8below estimates of -38.3.
For its part, the current situation subindex reached -45.8 in Julyagainst expectations of -34.5.
The ZEW index of economic sentiment in the euro zone stood at -51.1 in the current monthcompared to the previous reading of -28.0 and the expected of -32.8.
Key points
“The great current concerns about energy supply in Germany, the interest rate hike announced by the ECB and the new restrictions related to the pandemic in China have led to a considerable deterioration in the economic outlook.”
“Experts assess the current economic situation significantly more negatively than in the previous month and have further lowered their already unfavorable forecast for the next six months.”
“Expectations for the energy-intensive and export-oriented sectors of the economy have fallen especially sharply, with private consumption also being assessed as significantly weaker.”
Source: Fx Street
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