German ZEW Economic Sentiment arrived at -61.9 in September vs. -60.0 expected.
The ZEW Current Situation for Germany came in at -60.5 in September vs. -52.2 expected.
EUR/USD hovers above 1.0150 despite downbeat German and Eurozone data.
The German ZEW headline numbers for September showed that the Economic Sentiment Index worsened to -61.9 while missing estimates of -60.0 vs. -55.3 previous.
The headline ZEW was last weaker than -60.0 at the height global financial crisis (GFC).
Meanwhile, the Current Situation sub-index arrived at -60.5 in September vs. -52.2 expectations and August’s -47.6.
The Eurozone ZEW Economic Sentiment Index stood at -60.7 in the current month as compared to the -54.9 previous reading and -52.0 expected.
Indicator of economic sentiment decreased again in September.
Together with the more negative assessment of the current situation, the outlook for the next six months has deteriorated further.
Prospect of energy shortages in winter has made expectations even more negative for large parts of the German industry.
In addition, growth in China is assessed less favourably.
Latest statistical figures already show a decline in incoming orders, production, and exports.
FX market reaction
The euro ignores discouraging ZEW Surveys from Germany and Eurozone. EUR/USD was last seen trading at 1.0156, up 0.36% on the day.