The Eurozone Sentix Investor Confidence index deteriorated to -38.3 in October from -31.8 in September vs. -34.7 expected. The index fell to its lowest level since March 2020, signaling a  deep recession.

The current situation in the eurozone dropped to -35.5 points in October from -26.5 in September, the lowest since August 2020.

An expectations index to -41.0 from -37.0, hitting its lowest value since December 2008.

Key takeaways

“The ongoing uncertainties about the gas and energy situation in winter have not diminished due to the attack on the Nordstream pipelines."

" In addition to the economic worries, there is now also an increasing probability of an escalation of the military conflict in Ukraine. Globally, there is little reason for hope.”

EUR/USD reaction 

The shared currency remains depressed following the poor Eurozone Sentix data. EUR/USD is trading at 0.9687, down 0.54% on the day.