ZEW October German economic sentiment weaker than expected

ZEW October German economic sentiment has come in at 56.0, down from 57.7 in September, and demonstrably weaker than the median forecast of 58.8.

EUR/USD has taken it on the chin, falling back to 1.4765 at writing.

ZEW says

• Recent decline of exports is likely to have weakened expectations for Germany
• Still uncertain how private consumption will develop over next months
• Economy likely to improve only gradually
• Positive signals in economy are now weakening.

Pretty dour stuff, to say the least.