Better than forecast German ZEW index just lifts the needle for the EUR/USD

The German April ZEW index has just been released. The markets were expecting a modest improvement in the reading this month, to around 35, from a prior reading of 31.7. The index has just been released at 42. The current conditions did improve slightly too, but short of what the markets had been expecting. The EUR/USD has lifted slightly on this news. Prior to the release it was camped at around 1.0615. It has just edged above 1.0620. That is hardly a ringing endorsement though, but for the time being the Euro has managed to avoid a drop below that 1.06 handle, with the low seen earlier this morning at 1.0602. It is currently trading at 1.0621