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| Germany's ZEW Economic Sentiment Index Declines in March |
Germany's ZEW Economic Sentiment Index declined in March, missing market expectations. The headline number showed that the Economic Sentiment Index worsened from 28.1 in January to 13.0 in March, while the Current Situation Index worsened from -45.1 to -46.5 during the same period. Similarly, the Eurozone ZEW Economic Sentiment Index slumped to 10.0 in March from 29.7 in January, compared to the estimates of 23.2.
The high level of uncertainty in the international financial markets has led to a considerable decline in the assessment of the earnings development of banks and the insurance industry. However, EUR/USD bulls remain unperturbed by the downbeat ZEW surveys, with the currency pair trading near 1.0750, up 0.22% on the day.
