Mubasher: German economic confidence saw a more-than-expected gain in August, survey data showed on Tuesday.

Indicator for economic sentiment for Europe’s largest economy climbed notably to -13.7 in August from -21.3 in July, the Centre for European Economic Research (ZEW) said.

Analysts polled by Markets Insider expected a score of -21.3, whereas the reading remained well below its average of +23 on the long run.

The index, gauging the current conditions, ticked up 0.2 to 72.6 points in August, while analysts had expected a drop of 72.1.

“The recent agreement in the trade dispute between the EU and the United States has led to a considerable rise in expectations for Germany and also, to a lesser degree, for the Eurozone,” ZEW’s president Achim Wambach said.

Nevertheless, the economic optimism for Germany is less favourable in the meantime than it has been six months ago, Wambach added.

On a side note, the Eurozone economic sentiment confidence also recovered to -11.1 in August up from -18.7 in the prior month, but the current situation index dropped 6.2 to 30 points.

By 11:48 am GMT, the EUR/USD pair went down 0.11% to $1.1397.