German ZEW Economic Sentiment Index declines to -10.7 in May vs. -5.5 expected

• Germany’s ZEW Economic Sentiment Index dropped more than expected in May.
• EUR/USD remains unfazed near 1.0900 on the mixed ZEW surveys.

The German ZEW headline number showed that the Economic Sentiment Index deteriorated sharply in May, arriving at-10.7 from 4.1 in April, missing the market expectation of -5.5.

Meanwhile, the Current Situation Index improved to -34.8 from -32.5, bettering the market expectation of -37.5.

During the same period, the Eurozone ZEW Economic Sentiment Index worsened to -9.4 from 6.4, compared to the estimates of 8.2.