Index Zentrum fur Europaische Wirtschaftsforschung (ZEW) was based on a survey conducted in Germany to gauge the views of investors and analysts about the German economy and the Euro next six months. German ZEW economic sentiment showed optimism dropped from 25.0 becomes 12.1 and lower than analysts' estimates of 18.4. ZEW optimism for the euro zone also declined to 33.3 from 47.6 in the previous month, did not reach the predicted 42.1.
EUR/USD is relatively unaffected by the results of the survey, proved still traded around USD 1.1305. Data that supports only Eurozone Trade Balance surplus, increased to 31.4 billion better than the previous 26.4. Currently the focus turned to the US retail sales data for August, which was scheduled to be released tonight at 19:30 pm. Although the possibility of traders still refrained from open positions before the Fed's monetary policy announcement.
Although declining, the ZEW survey results still show optimism of investors and analysts about the state of the German economy and the euro zone, which is shown on the figure of more than zero (positive). German ZEW index has been dimmed during the nine months of this year, amid concerns about China's economic slowdown that could affect German exports.
China's recent economic slowdown threatens the global economy and the possibility of also providing a negative impact for Germany which is the largest trading partner of China. As is known, the economic growth of the country with the largest economy in Europe is the main backer of exports.
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