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USDCAD TECHS

Stronger In a Range

AUDUSD TECHS

Weaker In A Range

US TSYS SUMMARY

Ending The Week On A Soft Note

EURJPY TECHS

Bearish Risk Growing

USDJPY TECHS

Stronger, But Still Vulnerable

US

SP500 PE Ratio vs. CPI Inflation

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GERMANY MAY ZEW ECONOMIC SENTIMENT +84.4; APR +70.7

GERMANY MAY CURRENT CONDITIONS -40.1; APR -48.8

  • ZEW Expectations jumped 13.7pt to 84.4 in May, stronger than expected (BBG: 71.0).
  • This follows a small downtick in Apr and now stands at the highest level since Feb 2000.
  • The ZEW Current Conditions improved further by 8.7 to -40.1 in May, which is better than anticipated (BBG: -41.6) and the highest level since the beginning of the pandemic.
  • Nevertheless, the the current conditions index remains in significantly negative territory, hence the divergence between the expectations and the current situation persists.
  • Financial market experts are more optimistic as third wave is slowing down says ZEW President Achim Wambach.
  • "The experts expect a significant economic upswing in the coming six months. The economic outlook for the euro area and the United States has improved considerably as well", Wambach added.
  • EZ economic sentiment surged by 17.7pt to 84.0 in May, while current conditions rose sharply by 14.1pt to -51.4.
  • Inflation expectations for the EZ increased 2.5pt to 77.6, with the majority of financial experts projecting inflation to rise further in the next 6 months.