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Ekonomické zprávy
21.03.2023

European session review: EUR advances despite disappointing ZEW economic sentiment figures

TimeCountryEventPeriodPrevious valueForecastActual
07:00SwitzerlandTrade BalanceFebruary2.9 2.5
07:00United KingdomPSNB, blnFebruary9.10 -15.86
10:00EurozoneConstruction Output, y/yJanuary-0.6% 0.9%
10:00EurozoneZEW Economic SentimentMarch29.7 10.0
10:00GermanyZEW Survey - Economic SentimentMarch28.117.113.0


EUR firmed against most of its major rivals in the European session on Tuesday as worse-than-expected ZEW’s economic sentiment figures for Germany and the Eurozone were not enough to overcome a rebound in investors’ sentiment, bolstered by favorable developments in the banking sector.

Leibniz Centre for European Economic Research (ZEW) reported its index of economic sentiment for Germany, the Eurozone’s largest economy, plunged to 13.0 in March from 28.1 in the previous month as recent turmoil in the financial system heightened uncertainty about the economic outlook. That marked the first deterioration in sentiment in the region since October 2022. Economists had predicted the index would drop to 17.1. Meanwhile, ZEW's corresponding indicator for the euro area declined to 10.0 from 29.7 in February. Despite steep declines in March, both readings remain positive.

Euro also remained supported by yesterday’s comments of the European Central Bank’s president Christine Lagarde, who again repeated that there is no conflict between financial stability and monetary tightening. “Price stability goes with financial stability, and they are both present and come together, but there is no trade-off,” she said.


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