When is the German ZEW survey and how could it affect EUR/USD?
Oleh Lallalit Srijandorn
Diperbarui: 21 Apr 2026
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The Zentrum für Europäische Wirtschaftsforschung (ZEW) will release its German Economic Sentiment Index and the Current Situation Index for April at 09:00 GMT later on Tuesday.
German ZEW Survey Overview
The Zentrum für Europäische Wirtschaftsforschung (ZEW) will release its German Economic Sentiment Index and the Current Situation Index for April at 09:00 GMT later on Tuesday.
ZEW Survey – Economic Sentiment Index for Germany is expected to fall to -5.0 in April, from -0.5 in March. Meanwhile, the Current Situation Sub-Index is expected to drop to -70 in the reported month, down from the previous reading of -62.0.
ZEW Survey – Economic Sentiment in Eurozone is expected to decline to -3.6 in April, from -8.5 previously.
How could the German ZEW Survey affect EUR/USD?
EUR/USD trades on a negative note on the day in the lead up to ZEW Survey. The pair edges lower as the US Dollar (USD) strengthens amid cautious markets ahead of potential US-Iran peace talks.
If data comes in better than expected, it could lift the Euro (EUR), with the first upside barrier seen at the 1.1800 psychological level. The next resistance level emerges at the April 17 high of 1.1849, en route to the February 9 high of 1.1926.
To the downside, the April 20 low of 1.1728 will offer some comfort to buyers. Extended losses could see a drop to the 100-day Exponential Moving Average (EMA) of 1.1680, followed by the April 8 low of 1.1588.
Economic Indicator
ZEW Survey – Economic Sentiment
The Economic Sentiment published by the Zentrum für Europäische Wirtschaftsforschung measures the institutional investor sentiment, reflecting the difference between the share of investors that are optimistic and the share of analysts that are pessimistic. Generally speaking, an optimistic view is considered as positive (or bullish) for the EUR, whereas a pessimistic view is considered as negative (or bearish).
Read more.Next release: Tue Apr 21, 2026 09:00
Frequency: Monthly
Consensus: -5
Previous: -0.5
Euro FAQs
The Euro is the currency for the 20 European Union countries that belong to the Eurozone. It is the second most heavily traded currency in the world behind the US Dollar. In 2022, it accounted for 31% of all foreign exchange transactions, with an average daily turnover of over $2.2 trillion a day. EUR/USD is the most heavily traded currency pair in the world, accounting for an estimated 30% off all transactions, followed by EUR/JPY (4%), EUR/GBP (3%) and EUR/AUD (2%).
The European Central Bank (ECB) in Frankfurt, Germany, is the reserve bank for the Eurozone. The ECB sets interest rates and manages monetary policy. The ECB’s primary mandate is to maintain price stability, which means either controlling inflation or stimulating growth. Its primary tool is the raising or lowering of interest rates. Relatively high interest rates – or the expectation of higher rates – will usually benefit the Euro and vice versa. The ECB Governing Council makes monetary policy decisions at meetings held eight times a year. Decisions are made by heads of the Eurozone national banks and six permanent members, including the President of the ECB, Christine Lagarde.
Eurozone inflation data, measured by the Harmonized Index of Consumer Prices (HICP), is an important econometric for the Euro. If inflation rises more than expected, especially if above the ECB’s 2% target, it obliges the ECB to raise interest rates to bring it back under control. Relatively high interest rates compared to its counterparts will usually benefit the Euro, as it makes the region more attractive as a place for global investors to park their money.
Data releases gauge the health of the economy and can impact on the Euro. Indicators such as GDP, Manufacturing and Services PMIs, employment, and consumer sentiment surveys can all influence the direction of the single currency. A strong economy is good for the Euro. Not only does it attract more foreign investment but it may encourage the ECB to put up interest rates, which will directly strengthen the Euro. Otherwise, if economic data is weak, the Euro is likely to fall. Economic data for the four largest economies in the euro area (Germany, France, Italy and Spain) are especially significant, as they account for 75% of the Eurozone’s economy.
Another significant data release for the Euro is the Trade Balance. This indicator measures the difference between what a country earns from its exports and what it spends on imports over a given period. If a country produces highly sought after exports then its currency will gain in value purely from the extra demand created from foreign buyers seeking to purchase these goods. Therefore, a positive net Trade Balance strengthens a currency and vice versa for a negative balance.
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