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Economic Sentiment Wanes in the Eurozone, Weighing on the EUR

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Economic data was on the lighter side once more on Tuesday, with economic sentiment figures in focus.

Economic Sentiment

In August, Germany’s ZEW Economic Sentiment Index fell from 63.3 to 40.4, versus a forecasted decline to 55.1.

Things were not much better for the euro bloc, with the ZEW Economic Sentiment Index for the Eurozone falling from 61.2 to 42.7. Economists had forecast a decline to 45.6.

Market Impact

Ahead of today’s numbers, the EUR had risen to a pre-stat and current day high $1.17429 before falling to a pre-stat low $1.17262.

In response to today’s stats, the EUR fell from $1.17322 to a post-stat and current day low $1.17260.

At the time of writing, the EUR was down by 0.07% to $1.17289.

Next Up

U.S unit labor cost and nonfarm productivity figures for the 2nd quarter.

This article was originally posted on FX Empire

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