A set of German ZEW indices for October was released at 10:00 am BST. Economic sentiment index was expected to improve slightly compared to September release but to remain in negative territory. Meanwhile, the current conditions index was expected to deteriorate compared to a month ago.
Actual report turned out to be mixed - economic sentiment index outperformed expectations climbing to -1.1 and current conditions index improved less than expected. ZEW Institute said in a commentary that it seems the lowest point has been passed and there has been a noticeable uptick in the economic expectations of financial market experts in October 2023. According to ZEW, this uptick in expectations is accompanied by anticipation that inflation rates will decrease further.
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- Economic Sentiment: -1.1 vs -9.3 expected (-11.4 previously)
- Current Conditions: -79.9 vs -80.8 expected (-79.4 previously)
EUR as well as European indices ticked higher following the release with EURUSD touching 1.0540 and DE30 climbing back above 15,300 pts.
Source: xStation5
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