Global macro overview for 17/11/2015:
The ZEW economic sentiment data were one of the most important news released today. The index had delivered better than expected data (10.4 points ), beating the last month reading of 1.9 points and anticipated number of 6.7 points. The indicator improved for the first time following seven consecutive months of decline, but it is still below the long-term average of 24.8 points. "The outlook for the German economy is brightening again towards the end of the year. Economic pessimism appears not to have increased after the terror attacks in Paris. The currently high level of consumption in Germany, the recent decline in the external value of the Euro, and the ongoing recovery in the United States are likely to bolster the robust development of the German economy," commented ZEW President Professor Clemens Fuest.
The EUR/USD pair positively responded the data as the it is trying to break above the short-term technical resistance at the level of 1.0673. The next resistance is seen at the level of 1.0690.