Improved Euro Zone ZEW Sentiment Failed To Lift Euro

Improved Euro Zone ZEW Sentiment Failed To Lift Euro

By: Darryl Frankfort | Where To Trade | On:21-04-2015 09:53
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Key Highlights

  • Euro continued to decline against the US dollar as sellers remain in control and even better than expected Euro Zone ZEW Economic sentiment failed to cause an upside reaction in EURUSD.

  • German Economic Sentiment published by the ZEW i.e. the institutional investor sentiment, reflecting the difference between the share of investors that are optimistic and the share of analysts that are pessimistic came in at 53.3 in April 2015, down from the last reading of 54.8.

  • Euro Zone ZEW Economic Sentiment exceeded the market expectation and posted an increase to 64.8 in April 2015, compared to the forecast of 63.7.

  • German ZEW Survey - Current Situation jumped sharply higher to 70.2, compared to the forecast of 56.0 and the last reading was 55.1.

  • EURUSD traded lower to test the 1.0660 level where buyers are fighting to protect more losses.

  • USDJPY pair surged higher Intraday and traded above the 119.50 resistance area.

German ZEW Economic Sentiment

Earlier during the London session, the German Economic Sentiment measuring the institutional investor sentiment which is the difference between the share of investors that are optimistic and the share of analysts that are pessimistic was published by the ZEW. The market was expecting it to rise from 54.8 to 55.5 in April 2015. However, the outcome was a bit lower, as the German Economic Sentiment declined to 53.3.

The German ZEW Economic Sentiment was disappointing, but the German ZEW Survey - Current Situation was a lot higher compared to the market expectation. The forecast was of a minor rise from 55.1 to 56.0. However, the German ZEW Survey - Current Situation jumped by more than 10 points to register a reading of 70.2 in April 2015. Commenting on the recent release, the ZEW President, Professor Clemens Fuest stated that the “German economy is in good shape. A stable labour market and increasing wages are strengthening confidence and boosting consumption. However, the current weakness of the world economy is dampening export prospects and reducing the scope for further improvements of the economic situation in Germany”.

Euro Zone ZEW Economic Sentiment

There was one more positive thing to note, as the Euro Zone ZEW Economic Sentiment also posted an increase in April 2015. The market was expecting it to rise from 62.4 to 63.7 in April 2015. However, the outcome was on the higher side, as the sentiment climbed to 64.8. The report suggested that the economic development of the Eurozone is improving, which is a positive note but failed to encourage the Euro buyers in the short term.

Technical Outlook – Euro

The Euro fell during the London session against the US dollar and tested the 1.0660 support area. The most important point is the fact that the EURUSD pair breached the 1.0710 support area, which might later act as a resistance for the pair. Let us see how the pair trades in the coming session and whether it can slide towards the 1.0620 level or not. On the upside, the 1.0710 might act as a hurdle, followed by 1.0740.

 

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