German ZEW Economic Sentiment Index climbed to 9.8 in November vs. 5.0 expected
|- Germany’s ZEW Economic Sentiment Index improved to 9.8 in November.
- EUR/USD is holding higher near 1.0720 after the mixed ZEW surveys.
The German ZEW headline number showed that the Economic Sentiment Index improved further in November, arriving at 9.8 from -1.1 in October while beating the estimates of 5.0.
However, the Current Situation Index eased slightly to -79.8 from -79.9 prior, missing expectations of -76.7.
During the same period, the Eurozone ZEW Economic Sentiment Index rose to 13.8 from 2.3 recorded in October.
Key points
Economic expectations for Germany have again increased.
At the same time, assessment of the current situation remains unchanged at a low level.
These observations support impression that Germany's economic development has bottomed out.
Heightened economic expecations accompanied by significantly more optimistic outlooks for the German industrial sector.
Market reaction
The EUR/USD pair is testing daily highs above 1.0720 after ZEW surveys, up 0.24% on the day.
(The story was corrected on November 14 at 10:15 GMT to say that "the Current Situation Index eased slightly to -79.8 from -79.9 prior, not the Current Situation Index edged a tad higher to -79.9 from -79.4 prior.")
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