The economic sentiment indexes for Germany and the whole eurozone failed to meet economists’ expectations. Despite that, the euro held steady against some of its most-traded rivals (like the US dollar) and even managed to gain on others (like the Great Britain pound).
The ZEW Indicator of Economic Sentiment for Germany logged the same reading (0.5) in September as in August while experts had predicted a big increase to 2.8. The report said:
The current ambiguity of economic impulses from Germany and abroad means that forecasts for the next few months are difficult.
The ZEW Indicator of Economic Sentiment for the eurozone was able to rise, increasing from 4.6 to 5.4, but it was still far below the analysts’ predictions (6.7).
EUR/USD traded near the opening level of 1.1234 as of 10:37 GMT today. EUR/GBP gained from 0.8423 to 0.8465, supported not only by the strength of the euro but the weakness of the pound as well.
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