German ZEW Economic Sentiment Index drops to -41 in April vs. -48 expected

• Economic confidence in Germany and the eurozone deteriorated in April.
• EUR/USD continues to trade in negative territory below 1.0900.

The findings of the German ZEW survey showed on Tuesday that the Economic Sentiment Index declined modestly to -41 in April from -39.3 in March. This reading came in much better than the market expectation of -48.

Underlying details of the publication revealed that the Current Situation Index dropped to -30.8 from -21.4 in the same period, compared to the market expectation of -35.

Finally, the Economic Sentiment Index for the eurozone edged lower to -43 from -38.7.

Market reaction

The shared currency stays on the back foot and was last seen losing 0.2% on the day at 1.0862.