German ZEW Economic Sentiment up – Eurozone sentiment rose above estimates
Economic Sentiment of the largest economy in the Eurozone further improved and rose for a fifth month suggesting further recovery in Germany in the next 6 months. The ZEW Center for European Economic Research reported an increase from 53.0 to 54.8 points for the month of February - although below estimates of an increase to 58.9 points. The Sentiment improved as a consequence of lower oil prices and a lower euro, trading near 12-year lows against the greenback, boosting export-heavy sectors and fuelled consumption. The quantitative easing, started last week on Monday, further stimulated the economy.
ZEW Economic Sentiment for the whole Eurozone rose more-than-expected from a previous reading of 52.7 to 62.4. Analysts expected the index to rise to 58.2.
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