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A survey of institutional investors and analysts on their six-month outlook for the German economy, expressed as a net balance.
| Published by | ZEW Institute |
|---|---|
| Country | Germany |
| Currency affected | EUR |
| Release frequency | Monthly |
| Usual release time | 09:00 GMT (UTC+00:00) |
| Impact rating | Medium impact |
| Typical volatility | 15-35 pips on EUR/USD inside the first 30 minutes |
The Germany ZEW Economic Sentiment is released monthly by ZEW Institute, usually at 09:00 GMT (UTC+00:00). These are the dates inside our calendar window.
ZEW is one of the earliest monthly euro-area surveys and often front-runs the Ifo reading later in the month.
Because the panel is financial rather than corporate, the index can swing sharply with market sentiment.
Typical volatility around the release is 15-35 pips on EUR/USD inside the first 30 minutes. That is an average, not a limit: when the figure lands far from consensus, or when it contradicts the central bank's own guidance, the move can be several times larger and can extend for the rest of the session.
| Pair | Why it reacts |
|---|---|
| EUR/USD | Euro sentiment channel. |
| EUR/GBP | Relative-sentiment trade. |
| EUR/JPY | Risk-tone sensitive. |
Surprise is the released figure minus the consensus forecast, in the units of the release. Green means the figure printed above consensus, red below.
| Release date | Period | Previous | Forecast | Actual | Surprise |
|---|---|---|---|---|---|
| 12 Jul 2026 | Jun 2026 | 29.2 | 32.2 | 32.8 | +0.6 |
| 12 Jun 2026 | May 2026 | 27.7 | 26.7 | 29.2 | +2.5 |
| 13 May 2026 | Apr 2026 | 36.6 | 25.4 | 27.7 | +2.3 |
| 13 Apr 2026 | Mar 2026 | 42.1 | 34.5 | 36.6 | +2.1 |
| 14 Mar 2026 | Feb 2026 | 35.9 | 39.6 | 42.1 | +2.5 |
| 12 Feb 2026 | Jan 2026 | 37.4 | 36.5 | 35.9 | -0.6 |
| 13 Jan 2026 | Dec 2025 | 32.4 | 38.8 | 37.4 | -1.4 |
| 14 Dec 2025 | Nov 2025 | 30.7 | 32.0 | 32.4 | +0.4 |
ZEW Institute publishes the Germany ZEW Economic Sentiment for Germany. It is released monthly, typically at 09:00 GMT (UTC+00:00).
We rate this release medium impact. In our sample the typical move is 15-35 pips on EUR/USD inside the first 30 minutes, though a large deviation from consensus can produce considerably more.
EUR/USD, EUR/GBP, EUR/JPY carry the cleanest reaction. Euro sentiment channel.
No. The currency reaction depends on how the figure changes the expected path of interest rates, not on whether the headline is high or low. The same surprise can be read very differently depending on the central bank's current stance.