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Business confidence is not going anywhere fast, according to the ZEW Economic Sentiment measure for October 2017. The score advanced from 17 to 17.6 points. Worse off, the Current Conditions component shows a fall from 87.9 to 87 points.

EUR/USD, which was already under pressure, is ticking a few pips to the downside. This isn’t dramatic but just adds on the already existing pressures.

Germany’s ZEW Economic Sentiment measure was expected to advance from 17 points in September to 20 in October. The Current Conditions component carried expectations for a rise from 87.9 to 89 points.

EUR/USD was trading around 1.1767 ahead of the publication. Support awaits at 1.1720 and resistance is at 1.1820.

The common currency is under pressure due to the Catalan crisis. The imprisonment of two high-ranking independence activists has diminished the already low chances of a dialog.

We will soon get the final inflation figures from the euro-zone for September. They will feed into the all-important ECB meeting next Thursday. Speculation is rife about the QE tapering options.

More:  EUR/USD: a bullish move out of the range?