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The German ZEW headline numbers for July showed that the economic  sentiment  numbers dropped to -13.7 versus -20.7 expectations and -24.7 last. While the sub-index current conditions figure unexpectedly rose to 72.6 versus 72.3 expected and 72.4 booked previously, beating market expectations by a big margin.

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).