The Euro continued depreciation against the US Dollar, as the ZEW report showed notable weakening in the German investors' confidence. The EUR/USD fell initially just by 4 base points to continue the trading session below the 1.1768 level.
The Mannheim-based Centre for European Economic Research stated that its German Economic Sentiment Index came in at 10.0 points for August, showing a decline for the third consecutive month. A decrease was fuelled by concerns over the further expansion of the Germany's economy, as the scandal in the country's automobile sector was likely to affect the stability of growth. On the contrary, the current situation in the Euro zone was evaluated much higher than expected.
| Historical Data Table : German ZEW Economic Sentiment | |||||
| Date | 11.04.2017 | 16.05.2017 | 13.06.2017 | 18.07.2017 | 22.08.2017 |
| Actual | 19.5 | 20.6 | 18.6 | 17.5 | 10.0 |
| Forecast | 13.2 | 22.3 | 21.6 | 17.8 | 14.8 |
| Initial Reaction on Main Pairs | |||||
| Open Price | Close Price | % Change | |||
| EUR/USD | 1.1772 | 1.17681 | -0.03% | ||
| EUR/GBP | 0.91604 | 0.91599 | -0.01% | ||
| EUR/CHF | 1.13674 | 1.13678 | 0.00% | ||
| EUR/JPY | 128.696 | 128.605 | -0.07% | ||