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The German ZEW headline numbers for March showed that the economic  sentiment  index dropped to -3.6 versus -11.0 expectations and -13.4 last. While the sub-index current conditions figure declined to 11.1 versus 11.7 expected and 15.0 booked previously, missing market expectations.

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).