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German ZEW economic sentiment indicator rises further in October

The ZEW Indicator of Economic Sentiment for Germany continued to rebound in October. The indicator came in at 17.6 points, rising 0.6 points from September’s print. However, the indicator continues to be lower than the long-term average of 23.8 points. The improved outlook for the coming six months is not the result of the unexpected positive growth figures seen in the previous months. The figures for production and incoming orders in August were considerably better than anticipated, stated ZEW President Achim Wambach.

“The fact that the inflation rate is rising again, and expected to climb further, equally points towards a positive economic development in Germany, making a change in the ECB’s monetary policy more likely," stated Achim Wambach.

The current economic situation index in Germany has decreased, but is still at a very high level. The indicator currently stands at 87 points, dropping 0.9 points as compared to the earlier month.

Meanwhile, the financial market experts’ sentiment concerning the economic development of the euro area has significantly lowered. The corresponding indicator dropped 5 points to 26.7 points. On the contrary, the indicator for the current economic situation in the euro area has risen 1 point to a level of 36.5 points.

At 20:00 GMT the FxWirePro's Hourly Strength Index of  Euro was slightly bearish at -70.6639, while the FxWirePro's Hourly Strength Index of US Dollar was bullish at 88.8403. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex

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