The German ZEW headline numbers for October showed that the economic sentiment index slumped to -24.7 versus -11.3 expectations and -10.6 last. While the sub-index current conditions figure also dropped to 70.1 versus 72.0 expected and 76.0 booked previously, surprising markets to the upside.
About German ZEW
These numbers are derived via a survey of about 300 German institutional investors and analysts, conducted by the Zentrum für Europäische Wirtschaftsforschung (ZEW), which asks respondents to rate the relative 6-month economic outlook for Germany. Generally speaking, an optimistic view is considered as positive (or bullish) for the EUR, whereas a pessimistic view is considered as negative (or bearish).
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