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German ZEW beats forecasts- EUR/USD yet to bounce

The May reading of the German ZEW Business optimism index has just been released. As noted earlier this morning, the markets were looking for a modest improvement across all the matrix. Well, it has just beaten those forecasts on both the current conditions and the index itself. That has improved to 47.1, from an expected rise to 46. The current conditions are better too, at -72.3. However, the EUR/USD has not exactly budged on this data, despite a slightly more upbeat assessment from the ZEW institute accompanying the reports. The DAX is not higher immediately either and as suggest, perhaps that was more than priced in already, given where the index is right now. The EUR/USD is currently trading close to European session lows, just now at 1.0786

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