• Economic sentiment in Germany and the Eurozone unexpectedly turned positive in January.
  • EUR/USD remains unimpressed by the upbeat ZEW surveys, keeping its range around 1.0815.

The German ZEW headline numbers showed that the Economic Sentiment Index returned to positive territory, arriving at 16.9 in January from -23.3 in December, beating the market expectation of -15.5.

Meanwhile, the Current Situation Index came in at -58.6 from -61.4 but missed the market expectation of -57.0

In the same period, the ZEW Economic Sentiment Index for the Eurozone rose to 16.7 from -23.6. 

Market reaction

The EUR/USD pair is uninspired by the upbeat data, keeping its range near 1.0815, modestly flat on the day.

Source: https://www.fxstreet.com/news/german-zew-economic-sentiment-index-rebounds-to-169-in-january-vs-155-expected-202301171004