• German ZEW Economic Sentiment arrived at -39.3 in March, down from 54.3 previous.
• The ZEW Current Situation for Germany came in at -21.4 in March vs. February’s -8.1.
• EUR/USD keeps its range around 1.1000 on mixed German and Eurozone data.

The German ZEW headline numbers for March showed that the Economic Sentiment Index deteriorated sharply amid the Russia-Ukraine war, coming in at -39.3 from 54.3 previous while missing estimates of 10.0 by a wide margin.

Meanwhile, the Current Conditions sub-index slumped to -21.4 in March as against -8.1 recorded in the previous month and -22.5 expectations.  

The Eurozone ZEW Economic Sentiment Index tumbled to -38.7 the current month as compared to the 48.6 previous reading. 

Separately, Industrial Production in the bloc arrived at 0% MoM in the first month of 2022 vs. a 0.1% increase expected and 1.3% last.

On an annualized basis, the industrial output fell by 1.3% in January versus a 0.5% decrease expected and December’s 2.0%.

FX market reaction

The euro remains unfazed by the mixed ZEW Surveys and Eurozone data. EUR/USD was last seen trading at 1.1000, up 0.56% on the day.