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Fundamental Forex Analysis

German May ZEW Economic Sentiment Index beats estimates with 51.0, EUR/USD keeps highs

  • German ZEW Economic Sentiment arrived at 51.0 May vs. 32.0 expected.
  • Eurozone ZEW Economic Sentiment stood at 46.0 in May vs. -12.1 expected.
  • EUR/USD keeps highs above 1.0950, ignores mixed numbers.

The German ZEW headline numbers for May showed that the Economic Sentiment Index came in at 51.0 versus 32.0 expectations and 28.2 last.

While the sub-index Current Conditions figure arrived at -93.5 in May versus -88.0 expected and -91.5 booked previously.

ZEW President Professor Achim Wambach noted: “Optimism is growing that there will be an economic turnaround from summer onwards. This is also reflected in the significant improvement in expectations for the individual sectors. According to the financial market experts surveyed, economic growth is expected to pick up pace again in the fourth quarter of 2020. However, the catching-up process will take a long time. Only in 2022 will economic output return to the level of 2019.”

Meanwhile, the Eurozone ZEW economic sentiment for May stood at 46.0  vs. -12.1 expected and 25.5 last.

EUR/USD reaction

The shared currency holds the latest upside on the mixed German and Eurozone ZEW numbers, with EUR/USD now challenging two-week highs at 1.0954, up 0.40% on the day.  

 

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