German ZEW Economic Sentiment Index Disappoints Market Expectation

ZEW Index

Market and economic sentiments in Europe and Germany persist in deterioration.

EUR/USD continues to trade under bearish pressure, declines toward 1.0100.

The Economic Sentiment Index component of the ZEW Survey for Germany declined to -55.3 in August from -53.8 in July, sending the markets into pessimism. Currently, the Market expects a further decline in Germany’s economic growth.

The ZEW Index reading came in worse than the market expectation of -53.8. Furthermore, the Current Situation Index declined to -47.6 from -45.8. Finally, the Economic Sentiment Index for the eurozone slumped to -54.9 from -51.5, missing analysts’ estimate of -42.5 by a wide margin.

Yet, high inflation rates and the expected additional costs for heating and energy lead to a decrease in profit expectations for the private consumption sector.

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