After a quiet start to the week for the eurozone, today saw the release of the German ZEW Economic Sentiment Index. This is seen as a key piece of economic data as it surveys up to 300 experts from banks, insurance companies and financial departments who are asked for their expectations on a variety of topics concerning the economy.
It was expected that German economic sentiment would rise to 12.5 in September from 10.0 in August, but the figure actually came in at 17.0. A level above 0.0 indicates growth which gives you some idea of how optimistic eurozone sentiment is right now. This gave the euro a slight boost against the US dollar and sterling, but it was relatively stilted on what was a quiet day for the major currency pairings.
Today is another quiet day for the eurozone as the markets brace themselves for the Federal Reserve meeting later today. Tomorrow we have the eurozone consumer confidence report and then, on Friday, we’ll get the German manufacturing purchasing managers’ index (PMI), as well as the eurozone’s services and manufacturing PMI.