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German ZEW economic sentiment suddenly goes down in December
In December, German economic sentiment suddenly dived because optimism as for the strength of the EU’s number one economy declines, as industry data revealed on Tuesday.
The ZEW Centre for Economic Research told that its index of German economic sentiment sank to 17.4 in December versus November’s outcome of 18.7. Market experts had hoped the index would soar to 18.0 in December.
As a matter of fact, a reading above 0.0 stands for optimism, while an outcome below 0.0 points to pessimism.
However, the Current Conditions Index rallied to 89.3 in December versus November’s result of 88.8. However, experts had anticipated 88.5.
Besides this in December the index of euro zone economic sentiment slumped to 29.0 versus 30.9 last month.
Following the report, the currency pair EUR/USD hit 17.83 from about 1.1784 prior to the publication. The currency pair EUR/GBP leapt to 0.8830 from 0.8820, while EUR/JPY showed 133.68 slightly gaining from 133.67 ahead of the publication.
Inflation data is the most important indicator that affects the central bank’s monetary policy.
Although yesterday the US dollar index closed at the low level comparing to the daily movement, today it has been moving up again.
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