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DAX reacts positively to improved German ZEW outlook
The December German ZEW economic sentiment index has just been released. The markets were not expecting an improvement on the previous reading, with general expectations gunning for current conditions and expectations to fall further. The realisation is that they have once again come out mixed. Expectations have lifted markedly, to 15.7 from 7.4. However, current conditions fell to 93.1 from 91.4. Ahead of this release the EUR/USD did as expected and resisted a fall below the lows seen yesterday, at 1.0475. The low seen was set at 1.0481 leading into this data. The impact of it has lifted the EUR/USD, but in reality not by that much. The more noticeable reaction has been seen in the DAX, which has lifted towards 20,350. Earlier the index fell to a low at 20,257.
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