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ZEW Survey – Economic Sentiment

The Economic Sentiment published by the Zentrum für Europäische Wirtschaftsforschung measures the institutional investor sentiment, reflecting the difference between the share of investors that are optimistic and the share of analysts that are pessimistic. 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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Most recent - Tuesday, 15 April 09:00

51.6

Forecast

9.3

Actual

-14

Lower numbers than forecast tend to be bullish for xxx/EUR pairs and bearish for EUR/xxx pairs.

+/- 1 hour

Price

Real-money Sentiment

Trading range

The trading range of EURUSD was 58 pips following the most recent ZEW Survey – Economic Sentiment.

Trading range after each ZEW Survey – Economic Sentiment event

Forecast history

The most recent announced value for ZEW Survey – Economic Sentiment was -14 against a forecast of 9.3.

Past events

Date

Forecast

Actual

15 April 2025 09:00

9.3

-14

18 March 2025 10:00

48.1

51.6

18 February 2025 10:00

15.5

21 January 2025 10:00

15.3

10.3

17 December 2024 10:00

6.2

15.7

12 November 2024 10:00

12.8

7.4

15 October 2024 09:00

13.1

17 September 2024 09:00

17.1

3.6

13 August 2024 09:00

19.2

16 July 2024 09:00

42.5

41.8

18 June 2024 09:00

47.5

14 May 2024 09:00

46.3

47.1

16 April 2024 09:00

35.1

42.9

19 March 2024 10:00

20.5

31.7

13 February 2024 10:00

17.5

19.9

16 January 2024 10:00

15.2

12 December 2023 10:00

8.8

12.8

14 November 2023 10:00

9.8

17 October 2023 09:00

-9

-1.1

12 September 2023 09:00

-15

-11.4

15 August 2023 09:00

-14.4

-12.3

11 July 2023 09:00

-10

-14.7

13 June 2023 09:00

-13

-8.5

16 May 2023 09:00

-5.5

-10.7

18 April 2023 09:00

15.1

4.1

21 March 2023 10:00

16.4

21 February 2023 10:00

28.1

17 January 2023 10:00

-15.5

16.9

13 December 2022 10:00

-26.4

-23.3

15 November 2022 10:00

-50

-36.7

18 October 2022 09:00

-65.7

-59.2

13 September 2022 09:00

-60

-61.9

16 August 2022 09:00

-53.8

-55.3

12 July 2022 09:00

-38.3

-53.8

14 June 2022 09:00

-27.5

-28

10 May 2022 09:00

-42

-34.3

Economic context

Recent economic data has been broadly neutral for EUR. Other recent announcements which may affect the market's interpretation of the next ZEW Survey – Economic Sentiment result:

		Previous	Latest
Sentix Investor Confidence	Bullish change	-19.5	-8.1
Core Harmonized Index of Consumer Prices (MoM)	(no change)	1%	1%
Core Harmonized Index of Consumer Prices (YoY)	Bullish change	2.4%	2.7%
Harmonized Index of Consumer Prices (MoM)	(no change)	0.6%	0.6%
Harmonized Index of Consumer Prices (YoY)	(no change)	2.2%	2.2%
Unemployment Rate	(no change)	6.2%	6.2%
HCOB Manufacturing PMI	Bullish change	48	48.4
HCOB Manufacturing PMI	Bullish change	46.6	49.3
HCOB Manufacturing PMI	Bearish change	49.5	48.1
Consumer Price Index (MoM)	Bullish change	0.3%	0.4%
Consumer Price Index (YoY)	Bearish change	2.2%	2.1%
Harmonized Index of Consumer Prices (MoM)	Bullish change	0.4%	0.5%
Harmonized Index of Consumer Prices (YoY)	Bearish change	2.3%	2.2%
Gross Domestic Product s.a. (QoQ)	Bullish change	0.2%	0.4%
Gross Domestic Product s.a. (YoY)	(no change)	1.2%	1.2%
Consumer Price Index (EU Norm) (YoY)	(no change)	2.1%	2.1%
Consumer Price Index (YoY)	Bullish change	1.9%	2%
Gross Domestic Product (QoQ)	Bullish change	-0.2%	0.2%
Gross Domestic Product (YoY)	(no change)	-0.2%	-0.2%
Gross Domestic Product w.d.a (YoY)	(no change)	-0.4%	-0.4%
Gross Domestic Product (QoQ)	Bullish change	0.2%	0.3%
Gross Domestic Product (YoY)	Bullish change	0.5%	0.6%
Unemployment Change	Bullish change	26K	4K
Unemployment Rate s.a.	(no change)	6.3%	6.3%
Consumer Price Index (EU norm) (YoY)	Bearish change	0.9%	0.8%
Gross Domestic Product (QoQ)	Bullish change	-0.1%	0.1%
Retail Sales (MoM)	Bearish change	0.2%	-0.2%
Retail Sales (YoY)	Bearish change	4.3%	2.2%
Business Climate	Bullish change	-0.72	-0.67
Consumer Confidence	(no change)	-16.7	-16.7
Economic Sentiment Indicator	Bearish change	95	93.6
Gross Domestic Product - Estimated (QoQ)	Bearish change	0.8%	0.6%
Harmonized Index of Consumer Prices (YoY)	(no change)	2.2%	2.2%
GfK Consumer Confidence Survey	Bullish change	-24.3	-20.6
IFO – Business Climate	Bullish change	86.7	86.9
IFO – Current Assessment	Bullish change	85.7	86.4
IFO – Expectations	Bearish change	87.7	87.4
10-y Bond Auction	Bullish change	2.68%	2.47%
HCOB Composite PMI	Bearish change	50.9	50.1
HCOB Manufacturing PMI	Bullish change	48.6	48.7
HCOB Services PMI	Bearish change	51	49.7
HCOB Composite PMI	Bearish change	51.3	49.7
HCOB Manufacturing PMI	Bearish change	48.3	48
HCOB Services PMI	Bearish change	50.9	48.8
HCOB Composite PMI	Bearish change	48	47.3
HCOB Manufacturing PMI	Bearish change	48.5	48.2
HCOB Services PMI	Bearish change	47.9	46.8
Consumer Confidence	Bearish change	-14.5	-16.7

About ZEW Survey – Economic Sentiment

Country:	Germany
Currency:	EUR
Source:	ZEW - Leibniz Centre for European Economic Research
Category:	Economic Activity
Frequency:	Monthly

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	Canada		Gross Domestic Product Annualized
	Switzerland		Gross Domestic Product s.a. (QoQ)
	China		Non-Manufacturing PMI
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	China		Gross Domestic Product (QoQ)
	China		Industrial Production (YoY)
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	Eurozone		Gross Domestic Product s.a. (QoQ)
	Eurozone		S&P Global Composite PMI
	Eurozone		S&P Global Manufacturing PMI
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	United Kingdom		S&P Global/CIPS Services PMI
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	United Kingdom		S&P Global/CIPS Manufacturing PMI
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	United States		S&P Global Services PMI
	United States		Gross Domestic Product Annualized
	United States		ISM Services PMI
	Australia		Private Capital Expenditure
	Australia		S&P Global Manufacturing PMI
	Australia		National Australia Bank's Business Confidence (QoQ)
	Australia		S&P Global Services PMI
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	Australia		Gross Domestic Product (YoY)
	Canada		Bank of Canada Business Outlook Survey
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	Germany		IFO – Expectations
	Germany		ZEW Survey – Current Situation
	Germany		IFO – Business Climate
	Germany		Industrial Production n.s.a. w.d.a. (YoY)
	Germany		Gross Domestic Product w.d.a (YoY)
	Germany		Gross Domestic Product (YoY)
	Germany		Factory Orders s.a. (MoM)
	Germany		Industrial Production s.a. (MoM)
	Eurozone		Sentix Investor Confidence
	Eurozone		ZEW Survey – Economic Sentiment
	Eurozone		Economic Sentiment Indicator
	Eurozone		Industrial Production s.a. (MoM)
	Eurozone		Business Climate
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	Spain		S&P Global Services PMI
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	Spain		S&P Global Manufacturing PMI
	Spain		Gross Domestic Product (QoQ)
	France		S&P Global Manufacturing PMI
	France		S&P Global Composite PMI
	France		S&P Global Services PMI
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	India		Gross Domestic Product Quarterly (YoY)
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	Italy		Gross Domestic Product (YoY)
	Italy		S&P Global Manufacturing PMI
	Italy		Gross Domestic Product (QoQ)
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	Japan		Gross Domestic Product Annualized
	Japan		Gross Domestic Product Deflator (YoY)
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