News Headline Summary

German ZEW Survey (Economic Sentiment) (Dec) M/M 6.9 vs. Exp. -11.5 (Prev. -15.7); first time in positive territory since May 2012

- German ZEW Survey (Current Situation) (Dec) M/M 5.7 vs. Exp. 6.0 (Prev. 5.4)

- ZEW says Germany will not have to face a recession although cooling down of economic activity will last until beginning of 2013.
- German economy likely to bottom out rather than turn up in next 6 months.

Update details:

- The data came in far above the analyst's high estimate of -5.0.

Reaction details:

- In immediate reaction to the better than expected data release:
- EUR/USD moved from 1.2962 to 1.2974.
- Dax future moved from 7569 to 7581.
- Mar-Bund future moved lower from 145.57 to 145.38.

Print 10:00, 11 Dec 2012 - EU Data - Source: Newswires