EUR/USD Analysis and NewsEUR/USD Muted on Mixed ZEW SurveyBias Remains to Fade Euro RalliesThe Euro and DAX saw a subdued reaction following a mix
EUR/USD Analysis and News
- EUR/USD Muted on Mixed ZEW Survey
- Bias Remains to Fade Euro Rallies
The Euro and DAX saw a subdued reaction following a mixed ZEW report. Economic sentiment fell to 29.9 from 31.7 a month prior, however, printed above expectations, while current conditions fell 7.4, missing estimates of 5.0. German Investor confidence weakened in December amid a fourth Covid wave, while persistent supply bottlenecks in manufacturing added to the layer of uncertainty surrounding Germany’s growth outlook.
DailyFX Economic Calendar
What’s more, the ZEW President stated that the decline in economic expectations signals that optimism over a stronger growth outlook are beginning to fade. This in turn, has factored into the ECB’s thinking, given source reports suggesting that the central bank may wait until next year before announcing any notable policy changes.
EUR: Marginal softness for the Euro, and as noted last week, the bias remains to fade rallies in the Euro. Near-term support for the pair is situated at 1.1230-35 and below 1.1370, risks remain to the downside.
EUR/USD Chart: Hourly Time Frame
Source: Refinitiv
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