EUR/USD Down at 1.3365 after Slump in German Economic Sentiment

The euro nursed only modest losses early on Wednesday, having regained quite a bit of ground as markets got over a closely watched report that showed a slump in German economic sentiment.

The common currency last traded at $1.3369, after coming within a whisker of a nine-month trough of $1.3333. Euro bears emerged after German analyst and investor morale fell sharply as the crisis in Ukraine took a toll.

“The German ZEW expectations survey disappointed yet again after seven consecutive months of below-consensus prints. The miss was the largest this year and continues to suggest further loss of momentum,” analysts at JPMorgan wrote in a note to clients.

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