The ZEW economic sentiment survey is regarded as a crucial indicator of investor confidence as it gauges optimistic investors against those that are pessimetic about the economic outlook. This morning figures for Germany show the index has improved to 57.7, slightly less than markets were expecting indicating a gradual economic recovery. Figures for the eurozone show that economic sentiment improved in September, rising from 54.9 to 59.6, ahead of market expectations.

The survey reflects improved factory orders, business confidence and export levels across the region and for Germany, is the highest reading in three years. The euro has been supported recently by positive growth, reaching a one-month high against the pound yesterday after the European Commission predicted that the region would expand in the third quarter.

The euro exchange rate at present is GBP0.8867 and USD1.4604.

The rates quoted above are interbank rates. Client rates may vary according to the volume and timing of the trade.