EUR/USD: German ZEW Economic Sentiment

The European Common Currency traded sideways against the US Dollar, following the German ZEW Economic Sentiment data release on Tuesday at 9:00 GMT. The EUR/USD exchange currency rate lost 8 pips or 0.08% right after the release. The Euro continued trading at the 1.1185 level against the Greenback.

ZEW released the German ZEW Economic Sentiment data, which came out worse-than-expected of negative 21.5 compared with forecast negative 5.7. Note, that the Euro was also pressured by the speech of the ECB President Mario Draghi.

According to the official release: "The sharp drop in the ZEW Indicator of Economic Sentiment coincides with an increased uncertainty regarding the future development of the global economy and substantially worsened figures for the German economy at the beginning of the second quarter."