Euro spikes and German shares rally as Eurozone investor confidence jumps

Economic sentiment in the Eurozone increased by more than expected in July, according to the latest survey by the Zentrum für Europäische Wirtschaftsforschung (ZEW).

The institute’s measure of short-term investor confidence came in at 44.0 for the month, up from 32.8 in June. Analysts had expected to see an increase to 37.4.

The ZEW also released its data for Germany in August, with the economic sentiment index rising to 42.0 from 36.3 (40.0 expected).

German investors were also confident about the current situation in August, with this survey indicating an increase to 18.3 from 10.6 (12.0 expected).

The euro spiked above $1.33 while the German DAX share index moved upwards on the positive news.