EUR/USD: German ZEW current conditions beat at -35.9 vs -45.0 expected
Germany's October ZEW survey showed the current conditions index at -35.9, well above the -45.0 consensus. This points to a less pessimistic assessment of the present economic situation than markets had anticipated. The ZEW survey includes two components. The current conditions index measures the present economic situation, while the expectations index looks six months ahead. The source does not give the expectations figure. Germany is Europe's largest economy, so shifts in its confidence data can offer an early indication of where Eurozone growth may be heading. The source reports no EUR/USD price reaction, pip movement or technical levels. For euro traders, the upside surprise is a mildly supportive data point. However, the reading remains deep in negative territory, which tempers its significance for the broader Eurozone growth outlook.
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