Investing.com - German economic sentiment deteriorated less than expected in January, underlining optimism over the health of the euro zone's largest economy, industry data showed on Tuesday.
In a report, the ZEW Centre for Economic Research said that its index of German economic sentiment declined by 5.9 points to 10.2 this month from December’s reading of 16.1. Analysts had expected the index to fall by 7.9 points to 8.2 in January.
The Current Conditions Index jumped to 59.7 this month from 55.0 in December, much better than expectations for a reading of 54.0.
Meanwhile, the index of euro zone economic sentiment dropped to a 14-month low of 22.7 in January from 33.9 a month earlier, missing forecasts for 27.9.
On the index, a level above 0.0 indicates optimism, a level below 0.0 indicates pessimism.
EUR/USD was trading at 1.0882 from around 1.0873 ahead of the release of the data, while EUR/GBP was at 0.7602 from 0.7597 earlier.
Meanwhile, European stock markets were broadly higher. Germany's DAX rallied 1.75%, the EURO STOXX 50 jumped 1.7%, France’s CAC 40 rose 2%, while London’s FTSE 100 advanced 1.55%.