German ZEW Economic Sentiment Index declines to 13.0 in March vs. 16.4 expected

German ZEW Economic Sentiment Index
  • March saw a decline in the ZEW Economic Sentiment Index for Germany.
  • The bearish ZEW surveys have not unsettled the bulls of the EUR/USD near 1.0750.

Major points
The global financial markets are under a lot of stress.

The ZEW gauge of economic mood reflects this high level of uncertainty as well.

The evaluation of the banks’ earnings growth has significantly declined, but it is still marginally positive.

Estimates for the insurance sector have also drastically decreased.

Market response
The EUR/USD pair is up 0.22% on the day despite ignoring the negative data and maintaining its range near 1.0750.