German ZEW Economic Sentiment Index drops to 34.7 in August vs. 40 expected

• Germany’s ZEW Economic Sentiment Index fell to 34.7 in August.
• EUR/USD hovers above 1.1600 after German and Eurozone ZEW surveys.

The headline German ZEW Economic Sentiment Index fell to 34.7 in August from 52.7 in July, missing the market forecast of 40.

The Current Situation Index declined to -68.6 in the same period, as against the July reading of -59.5. The market expectations were for -65 reading.