It was no surprise this morning that the economic sentiment reports from the ZEW were in below market expectations. Declines in consumer confidence are seeping across boundaries and dragging overall economic sentiment lower as the euro zone region grapples with rampant debt concerns.
The ZEW (Zentrum fur Europaische Wirtschaftsforshung), an agency which issues surveys and analyzes consumer confidence, economic sentiment and other statistics, published its latest findings for Germany and the broader euro zone today. The reports revealed slightly better than forecast results for the broader region, but a severe downturn for Germany. Risk aversion may be growing as a result, and the EUR is therefore likely to see some further downtime this week.
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