German ZEW indices for November were released at 10:00 am GMT today and the report proved to be a positive surprise. Expectations subindex beat market forecasts by a huge margin. Beat in Current Situation sub index was not as big as in case of Expectations sub index but was also noticeable. Nevertheless, both indices remain deep in the negative territory.
German ZEW indices for November
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Expectations: -36.7 vs -51.0 expected (-59.2 previously)
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Current Situation: -64.5 vs -69.3 expected (-72.2 previously)
There was barely any reaction on the markets to the release. EURUSD ticked higher but this increase was barely visible following a significant jump the pair experienced earlier today. DE30 was muted and did not see any reaction.
EURUSD barely saw any reaction to the ZEW data release. The pair continues to move higher following an earleir break above the 1.04 handle. Source: xStation5
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