German ZEW sentiment better than current conditions
ZEW has released their latest survey with the current conditions index for Apr coming in at 5.5 vs 8.0 expected, down from 11.1 previously. However, sentiment is a little better at 4.5 vs 1.2 forecast, with this improving from -2.5 in March. As is familiar, sentiment is again better than the actual state of the business industry, with the outlook still carrying downside risks.
The EU states are about to embark on trade talks with the US, and as we have seen with Brexit and the US-China negotiations, this will be no walk in the park.
Once again, there seems to be little impact on the EUR, with mixed fortunes seen across the board. That said, the single currency has been doing well in recent sessions, and is still trying to push through the band of resistance at 1.1315-25 against the USD.
EUR/CHF is still pushing north, with steady risk sentiment weighing on the CHF as it is on the JPY. EUR/JPY is camped in the mid 126.00's for now and is taking its lead from stock markets which continue to eye record highs.
EUR/GBP, as we mentioned earlier, is also trying to make new ground on the upside, but is contained by a strong band of resistance in the 0.8650-60 area for now.