Germany's ZEW survey measuring economic sentiment has leapt unexpectedly in August to 56.1, from 39.5 the previous month. This is the highest level reached in three years, as economic and investor confidence grows following Germany's emergence from recession.

However Wolfgang Franz, the president of ZEW was quick to talk down the results, noting that the German economy only develops "parallel with the world economy and hence, should only recover gradually."

The euro exchange rate spiked against the US dollar following the announcement, and the single currency is currently trading at USD1.4104.

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