German ZEW: Any good surprises may build some support at 1.0700 for EUR/USD – ING

EUR/USD might be helped by a marginal improvement in the ZEW survey out of Germany, economists at ING report.

Hoping for a glimmer of hope in the ZEW

Today, the ZEW survey out of Germany is expected to show a mild rebound. Consensus sees the ‘expectations’ index returning above zero for the first time since April, while the ‘current situation’ gauge is seen marginally improving. Any good surprises may build some support at 1.0700 for EUR/USD, even though the US CPI is set to be a much larger event for markets today.

The preliminary (i.e., second after the ‘advance’) release of third-quarter Euro area GDP figures is expected to confirm negative growth, but that should have a negligible market impact.