German businesses are upbeat on the economy, with the ZEW economic sentiment rising to 48 points, above expectations and the highest since February 2014. Also other figures beat: the current situation component more than doubled to 22.4 points and teh all-European number rose to 45.2 points.
EUR/USD is ticking up, despite the tension towards the ECB decision. Update: the move was shortlived and the pair is below 1.16 once again.
The German ZEW Economic Sentiment was expected to advance from 34.9 to 40.1 points in January, continuing the recovery. The current situation component was predicted to move up from 10 to 14.9 points. The all European figure was expected to stand at 37.6 points
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EUR/USD traded around 1.16 towards the publication.
The euro is still generally down after the shocking SNBomb – the Swiss National Bank removed its bid from the euro on “Black Thursdayâ€.
Earlier, German PPI fell by 0.7% month over month and 1.7% year over year, worse than expected. While inflation is digging the bottom, the German economy is doing quite well: also employment data looks good.
All eyes are on Mario Draghi.
