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Prints New Lows Following Dire ZEW Expectations

EUR
  • EUR/USD prints a new low of 1.0126 on the lower-than-expected ZEW survey. That expectations component a particular source of weakness - dropping to the lowest levels since the Global Financial Crisis (today's -55.3 read just above the -63.0 from Oct'08).
  • A break below 1.0123 would be fresh August lows, opening 1.0097 as the next support.

Some select comments from the ZEW call:

  • EXPECT A FURTHER DECLINE IN THE ALREADY WEAK ECONOMIC GROWTH IN GERMANY
  • STILL HIGH INFLATION RATES AND THE EXPECTED ADDITIONAL COSTS FOR HEATING AND ENERGY LEAD TO A DECREASE IN PROFIT EXPECTATIONS FOR THE PRIVATE CONSUMPTION SECTOR
  • IN CONTRAST, THE EXPECTATIONS FOR THE FINANCIAL SECTOR ARE IMPROVING DUE TO THE SUPPOSED FURTHER INCREASE IN SHORT-TERM INTEREST RATES
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