Germany ZEW Survey - Economic Sentiment deteriorates significantly to 28.1 in October

German ZEW Survey - Economic Sentiment arrives 28.1 in October, lower than 32.0 estimates and the September reading of 34.7.

The ZEW Survey - Current Situation improves further to -35.9 from the previous reading of -47.1. The data was already expected to arrive higher at -45.0.

Similary, Eurozone ZEW Survey - Economic Sentiment also deteriorates to 18.5 in October. The data was seen at 24.2, lower than 25.8 in September.

Market reaction

There is a sharp decline in the Euro (EUR) against the US Dollar (USD) during the data release. However, it appears to be the outcome of strength in the US Dollar. As of writing, EUR/USD trades flat around 1.1213 after giving back its entire early losses.