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Economic sentiment in Germany remained unchanged during the month of December, pointing to a stable economic growth over the next six months.
Germany’s index of economic sentiment remained at 13.8, coming in just a touch below expectations for a reading of 14.0, data released by the latest survey form the ZEW Center for European Economic Research in Mannhei showed Tuesday. However, the current situation index rose to 63.5 from 58.8 the month before, beating estimates of 59.1.
The ZEW survey reflects the assessment of financial analysts and institutional investors, while many economists prefer to look at business surveys--such as the purchasing managers' index--to gauge the underlying strength of Europe's largest economy.
"Investor confidence does not always correlate with economic sentiment, but the unchanged headline overall points to a relatively subdued IFO print in December," said Achim Wambach, President, ZEW.
Meanwhile, the EUR/USD traded at 1.06, down -0.24 percent, while at 10:00GMT, the FxWirePro's Hourly Euro Strength Index remained highly bearish at -113.30 (a reading above +75 indicates a bullish trend, while that below -75 a bearish trend). For more details, visit http://www.fxwirepro.com/currencyindex
