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German ZEW index drops to ten-month low in August

The initial of the several economic surveys for the month of August due this week was a mixed bag. The German ZEW survey of investor analysts saw the outlook index dropped by the most in thirteen months to a ten-month low of 10, slightly below the long-run average.

While a drop was expected, not least given recent declines in euro area equity indices with which the index is often correlated, the magnitude arguably flags rose investor unease about a potentially dampening impact on economic growth from the strengthening euro, as well as uncertainty about the future direction and efficacy of ECB policy.

However, for some time, investors continue to judge the business climate to be greatly favourable. After falling last month from June’s six-year high, the ZEW’s German current conditions index regained a little of the lost ground, noted Daiwa Capital Markets Research. This suggests that contrary to the current consensus expectation, the more closely-watched German Ifo business climate index might also record a rise in August to a new post-reunification high, added Daiwa Capital Markets Research.

At 20:00 GMT the FxWirePro's Hourly Strength Index of Euro was bullish at 91.7752, while the FxWirePro's Hourly Strength Index of US Dollar was slightly bullish at 75.4855. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex

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September 20 15:30 UTC Released

BRForeign Exchange Flows*

Actual

2.161 Bln USD

Forecast

Previous

-1.251 Bln USD

September 20 14:30 UTC Released

TRCentral Govt Debt Stock*

Actual

820.5 Bln TRY

Forecast

Previous

817.1 Bln TRY

September 21 08:30 UTC 429429m

GBPSNB, MM GBP

Actual

Forecast

Previous

-0.76 Bln GBP

September 21 08:30 UTC 429429m

GBPSNCR, MM GBP

Actual

Forecast

Previous

-3.912 Bln GBP

September 21 08:30 UTC 429429m

GBPSNB Ex Banks GBP

Actual

Forecast

7.100 Bln GBP

Previous

-0.184 Bln GBP

September 21 12:00 UTC 639639m

BRIPCA-15 Mid-Month CPI

Actual

Forecast

0.15 %

Previous

0.35 %

September 21 12:00 UTC 639639m

BRIPCA-15 Mid-Month CPI YY*

Actual

Forecast

2.60 %

Previous

2.68 %

September 21 12:30 UTC 669669m

CAWholesale Trade MM

Actual

Forecast

-0.9 %

Previous

-0.5 %

September 21 12:30 UTC 669669m

USInitial Jobless Claims

Actual

Forecast

300 k

Previous

284 k

September 21 12:30 UTC 669669m

USJobless Claims 4-Wk Avg

Actual

Forecast

Previous

263.25 k

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