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Forex: EUR/GBP in quick comeback to 0.8630 after ZEW survey

The British Pound is trading overall stronger than the Euro today, which is putting the EUR/GBP below its opening price. However, improving figures in the ZEW survey brought the cross back to flat line at 0.8630, before easing back down. As of writing, the EUR/GBP trades at 0.8624.

Economic sentiment in both Germany (from 31.5 to 48.2) and Eurozone (from 31.2 to 42.4) improved in February survey by ZEW, beating consensus of 35.0 and 35.5, respectively. Current situation didn't do as well, dropping from 7.1 to 5.2, instead of rising to 9.0 as expected.

Also out is EMU construction output, contracting -1.7% on the month and falling further in December, from -4.7% to -4.8% (YoY). The Greek current account deficit narrowed from €-0.850B to €-0.534B in December.

“Dips lower should remain well supported by the short term support line at 0.8539 ahead of the 0.8440 region”, wrote Commerzbank analyst Karen Jones, pointing to a deeper retracement to 0.8338 in case of failure.

Germany: ZEW Survey – Economic Sentiment rises to 48.2 points in February

German Survey – Economic Sentiment increased to 48.2 points in February, from 31.5 points registered in January, the Zentrum für Europäische Wirtschaftsforschung informed on Tuesday. This result is more positive than the rise to 35 points predicted by analysts and it is the highest since April 2010 when it stood at 53 points.
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EMU: ZEW Survey – Economic Sentiment climbs more than expected in February

Eurozone Survey – Economic Sentiment rose to 42.4 points in February, from 31.2 points the previous month, the Zentrum für Europäische Wirtschaftsforschung reported on Tuesday. Market consensus pointed to less increase to 35.5 points.
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