German ZEW Economic Confidence At 5-Month Low
13 October 2020 - 6:55PM
RTTF2
Germany's economic sentiment deteriorated to a five-month low in
October amid heightened uncertainty surrounding trade talks with
the UK and the run-up to the presidential elections in the US,
survey data from the ZEW - Leibniz Centre for European Economic
Research showed on Tuesday.
The ZEW Indicator of Economic Sentiment fell more-than-expected
to 56.1 in October from 77.4 in September. The score was forecast
to drop to 73.0. The latest reading was the lowest since last
May.
Meanwhile, the current conditions index improved to -59.5 from
-66.2 in the previous month. The expected reading was -60.0.
The recent sharp rise in the number of Covid-19 cases has
increased uncertainty about future economic development, as has the
prospect of the UK leaving the EU without a trade deal, ZEW
President Achim Wambach, said.
The current situation in the run-up to the presidential election
in the United States further fuels uncertainty, Wambach added.
"The great euphoria witnessed in August and September seems to
have evaporated," Wambach said.
The largest euro area economy had contracted by a record 9.7
percent in the second quarter. However, with the easing of lockdown
restrictions, the economy is widely expected to rebound in the
third quarter.
Financial market experts' sentiment concerning the economic
development of the euro area also took a nosedive in October, the
survey showed. The economic sentiment indicator plunged 21.6 points
to 52.3 in October.
Meanwhile, the current economic situation climbed 4.3 points to
minus 76.6 points in October.
US Dollar vs INR (FX:USDINR)
Forex Chart
From Apr 2024 to May 2024
US Dollar vs INR (FX:USDINR)
Forex Chart
From May 2023 to May 2024