German ZEW investor confidence better than expected, with the headline reading rising to 11.2 from 4.3 in the previous month and versus our median of 8.0. The current conditions indicator meanwhile came in weaker than expected at just 47.7, down from 50.7 in March. This confirms that the overall improvement mainly reflects a stabilisation in market confidence and receding risk aversion, while actual conditions in the German economy are pointing to a loss of momentum in the second quarter and going ahead, as the Bundesbank also highlighted yesterday.
The centre also said that growth prospects in China and worries over Brexit were both a “drag” on the German economy. The EURUSD maintained its momentum from Thursdays lows and is currently trading at 1.1338, finding resistance at the 50 DMA.
Janne Muta
Chief Market Analyst
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About Janne Muta, HotForex’s Chief Market Analyst
Janne Muta is a seasoned industry professional with over 16 years experience in the global markets. Originally from Finland, Janne has worked for institutions in both Helsinki and London as an institutional fund manager, global market analyst and FX educator.
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