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German ZEW badly misses the mark- DAX drops back from rebound highs
The November German ZEW economic sentiment index has just been released and it badly missed on forecasts. The current conditions have fallen to -91.4 and the index itself has fallen to just 7.4, where the markets expected a reading of 13.2. Ahead of this the DAX had been on the rebound, from an earlier session low at 19,224. The index rebounded more than 100 points from that low, to around 19,340 ahead of this release. The impact of this really poor data has sent the index falling back towards the 19,300 handle again. Perhaps the surprisingly, the EUR/USD has not actually fallen back much on this yet, but make no mistake this was poor data.
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