Euro Mixed Ahead Of German ZEW Economic Confidence Index

19 Septembre, 2017, 19:20 | Author: Marc Bacque
  • Euro on Front-Foot as German Investor Confidence Picks Up Sharply In September

Confidence in the German economy recovered sharply through September, according to the latest ZEW survey while the broader Eurozone also saw a boost in sentiment amongst analysts who see growth picking up during the months ahead. The reading was forecast to rise to 13. The former climbed to 87.9 from August's 86.7, comfortably above the 86.3 predicted by economists.

Financial market experts are more upbeat because of Germany's solid economic growth figures in the second quarter, a surge in bank lending and increased investment by both the government and private firms, ZEW head Achim Wambach said. The strengthening of the Euro also faded as a concern for survey participants. "But note that the ZEW has consistently understated growth for nearly two years", says Stephen Brown, European economist at Capital Economics.

"The German federal elections do not seem to have been a source of uncertainty", Wambach said.

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The Euro looks set to hold around its current levels against other currencies this week ahead of the German Federal Election on Sunday, which will likely deliver another victory for Chancellor Angela Merkel's conservative CDU/CSU Christian democrat political alliance.

However, the incumbent's vote share has been eaten away as opinion polls show Martin Schultz's Social Democrat Party wading into the centre ground.

However, the indicator for the euro area current economic situation fell by 2.9 points to 35.5 points.

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