NEW YORK (Forex News Now) – The ZEW research center is due on Tuesday to release a key monthly survey of economic sentiment in Germany, in one of the day’s major FX news events.
The center presents the results in the form of an index, which is expected to drop to 25.2 in July, according to two major forex news outlets, down from June’s reading of 28.7.
How does the ZEW report affect the EUR/USD? Read more about it in our forex education section.
ZEW is scheduled to publish the survey at 9:00 A.M. GMT; as such, the data is likely to dominate European morning currency trading.
According to forex analysis, if the index drops at a faster pace than forecast, the report could push EUR/USD toward immediate support around the open of July 6, 1.2537.
Should the index rise, however, the currency pair could be lifted toward resistance around Friday’s high, 1.2722.