Wednesday, May 20, 2009

When "It Can't Possible Get Worse than This" is a Good Thing

Reuters with the details of yesterday's ZEW Indicator (that's a new one for me):

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.

That's right... markets were up because although NOBODY (literally, not one?) thought things were good now, some are beginning to think it can't possibly get worse.

Source: ZEW