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17 Sep 2013
Euro given a boost by big ZEW Institute number, adds to gains against USD and JPY
FXstreet.com (London) - Big numbers from the ZEW Institute have added to Euro bullishness.
The ZEW Indicator of Economic Sentiment for Germany increased by 7.6 points in September 2013, to 49.6 points, against a historical average of 23.8.
"The financial market experts hold the view that the German economy is still gaining momentum. In particular, the experts’ economic optimism has increased due to the improved economic outlook for the Eurozone – although recently released economic data for Germany have fallen short of expectations", said ZEW President Dr. Clemens Fuest, in a statement accompanying the data.
The ZEW institute also showed strong expectations for the Eurozone as a whole, up 14.6 points to 58.6 points for September.
The better-than-expected numbers sent the Euro through the GBP0.8400 level against this mornings UK CPI data.
The strong numbers should see Euro supported, as it adds to yesterday’s gains against Dollar and Yen. The common currency continues to climb after testing the USD1.3365 level.
The ZEW Indicator of Economic Sentiment for Germany increased by 7.6 points in September 2013, to 49.6 points, against a historical average of 23.8.
"The financial market experts hold the view that the German economy is still gaining momentum. In particular, the experts’ economic optimism has increased due to the improved economic outlook for the Eurozone – although recently released economic data for Germany have fallen short of expectations", said ZEW President Dr. Clemens Fuest, in a statement accompanying the data.
The ZEW institute also showed strong expectations for the Eurozone as a whole, up 14.6 points to 58.6 points for September.
The better-than-expected numbers sent the Euro through the GBP0.8400 level against this mornings UK CPI data.
The strong numbers should see Euro supported, as it adds to yesterday’s gains against Dollar and Yen. The common currency continues to climb after testing the USD1.3365 level.