The ZEW Indicator of Economic Sentiment for Germany jumped by another 12.2 points from the previous month to 71.5 in August, the highest since January 2004 and well above market expectations of 58.
For the Euro Area, economic sentiment increased by 4.4 points from the previous month to 64 in August, the highest reading since April of 2015. Hopes for a speedy economic recovery continue to grow after the EU reached in July an agreement on a massive stimulus package.
On the back of this positive data, the euro strengthened against the dollar. Against the pound, however, it remained around the same levels.
Today is light on data releases for the Eurozone, but tomorrow we can expect to see more figures for Germany.
