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German ZEW crumbles in September- EUR/USD stalls ahead of 1.1150
The September German ZEW index has just been released. Ahead of this data the EUR/USD had been pressing to a fresh high on the week above 1.1145. The DAX was trading back above 18,700. The ZEW has fallen much more than forecast and that was the perceived risk highlighted here earlier. The current conditions have deteriorated, to -84.5 and the index itself is at just 3.6. The markets were expected a reading of 17. So, this is really poor data and it has certainly stalled the EUR/USD, but not yet sent the DAX lower. To be honest though, given the weakness of the data, the EUR/USD has not exactly crumbled. To this analyst that is something of a surprise. The EUR/USD is currently trading at 1.1138
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