The key economic data release of yesterday for the eurozone was the German ZEW economic sentiment index. As a survey of up to 300 experts from banks, insurance companies and financial companies, it is seen as a leading indicator for the German economy.
The figures showed that it increased by much less than expected in October, moving up to 17.6 from September’s reading of 17.0. Although this still represents an increase, it came against an expectations of a reading of 20.0 and therefore shows a dampening of optimism over the eurozone economy. The euro didn’t react all that much to the information, as despite sliding a little against the US dollar, it strengthened against sterling.
Looking ahead to today, we have several speeches from European Central Bank members which could give us some further indication on when we can expect them to stop their asset-buying programme. The current one is set to expire in December this year, but President Mario Draghi recently said that it could continue into next year.