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EUR/USD not much changed despite really poor ZEW reading
The April German ZEW economic sentiment index has just now been released. As noted here earlier, the markets were expecting a sharply lower reading and that is exactly what we just got. In fact the index has fallen more than forecast across all matrix. The index itself has dropped into negative territory, falling from 51.6, to -14. Ahead of this the DAX was just bouncing back to fresh session highs and approaching the 21,300 mark. The EUR/USD was off its earlier highs though, which saw it peak at 1.1379. The impact of this data has seen it slip a little more and that is hardly surprising, given how weak this data was. The DAX has fallen back too. However, as far as the EUR/USD is concerned, it remains to be seen, if this data will have more than just a passing impact given the wider relapse in the US currency. The EUR/USD is right now at 1.1348
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