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Euro briefly jumps after strong ZEW sentiment reading
May 19, 2009 / 9:15 AM / 8 years ago

Euro briefly jumps after strong ZEW sentiment reading

LONDON, May 19 (Reuters) - The euro briefly jumped to a session high while Bund futures extended losses on Tuesday after a poll by a major German economic think tank showed that sentiment on the country’s economy is improving more than expected.

A monthly poll by Germany’s ZEW institute showed that its economic sentiment index rose to 31.1 in May, higher than forecasts for a 20.0 reading and improving from 13.0 in April [ID:nDEG003551].

At the same time, its current conditions indicator came in at -92.8, weaker than forecasts for -90.0 and deteriorating from 91.6 in April.

The euro EUR= briefly rose as high as $1.3655, according to Reuters data, before pulling back to around $1.3630, roughly its level before the figures were announced.

June Bund futures FGBLM9 extended losses to test session lows. The contract fell as far as 120.54 after the data from 120.69 just before and was last 71 ticks lower on the day at 120.62.

Ten-year bond yields EU10YT=RR were around 5 basis points higher at 3.423 percent.

Reporting by London Markets Team

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