Investing.com - German economic sentiment deteriorated slightly in February, according to data released on Tuesday, as concerns that the economic recovery in the U.S. could lose momentum weighed.
The ZEW Centre for Economic Research said that its index of German economic sentiment came in at 55.7 this month, down from 61.7 in January. Analysts had expected an unchanged reading.
However, the current conditions index improved to 50.0 this month from 41.2 in January, beating expectations for an increase to 44.0.
“This month’s decline in economic expectations must not be overstated. The majority of surveyed financial market experts remain optimistic,” ZEW President Professor Clemens Fuest said.
Meanwhile, the ZEW index of euro zone economic sentiment fell to 68.5 from 73.3 last month, compared to expectations for an uptick to 73.9.
On the index, a level above 0.0 indicates optimism; a level below 0.0 indicates pessimism.
Following the release of that data, the euro was steady at almost three-week highs against the dollar, with EUR/USD inching up 0.08% to 1.3717, holding just below Monday’s high of 1.3724.
Meanwhile, European stock markets remained broadly lower. The EURO STOXX 50 was down 0.66%, France’s CAC 40 lost 0.24%, Germany's DAX was down 0.27% and London’s FTSE 100 slid 0.18%.