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German ZEW index improvement already priced into the EUR/USD?

The German December ZEW economic sentiment index has just been released and it was markedly better in terms of the headline reading. The consensus for the index was for a slightly lower reading of 8.8, down from the prior 9.8 reading. It has improved to 12.8. The current conditions reading stood at -77.1 which was slightly lower than forecast, but better than the previous reading of -79.8. The reaction across the markets has not been much at all so far. The EUR/USD had already lifted close to 1.08 ahead of this data and that might help to explain the so far, rather underwhelming reaction to it. The EUR/USD is currently trading at 1.0794
 

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