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Data from ZEW / IFO / GfK. Forecasts by Sigmanomics Forecast Engine.
GermanyGermany ZEW Current Conditions fell to -77.8 in May 2026
ZEW / IFO / GfKMonthlyReleased May 2026
Germany ZEW Current Conditions fell to -77.8 in May 2026, down 4.1 from April's -73.7 reading. The reading matched the -77.5 consensus. ZEW Current Conditions has now declined for 3 consecutive months. Over the past 3 months, ZEW Current Conditions averaged -67.5, vs -76.85 in the prior 3-month window. The reading is in the 52nd percentile of the trailing 24-month range.
Latest Release
-77.8
Actual
-77.5
Consensus
-73.7
Previous
Median Absolute Error
±2.21
across last 12 releases
Last Call
May 2026
Predicted: -76.13
Actual: -77.8
Error: +1.67
Sigmacast Σ-direction model: consensus + ½ × mean(surprise, trailing 90d).
CORRELATED SYMBOLS— markets that historically move with this indicator
| Symbol | Direction | Correlation | Asset Class | Signal Bias | Action |
|---|---|---|---|---|---|
| BTC/USD | ▼ Inverse | −0.72 | CRYPTO | Bearish BTC | → View |
| EUR/USD | ▼ Inverse | −0.32 | FOREX | Bearish EUR | → View |
| EUR/GBP | ▲ Direct | +0.27 | FOREX | Bullish EUR | → View |
Correlation based on 12-month rolling window. Click any symbol to view its Sigmanomics forecast page.
THE RELEASE
ZEW Current Conditions (Germany) was reported at -77.80 in May 2026. This missed the market consensus of -77.50 by 0.30. The reading fell from the previous value of -73.70. Trailing 12-month context per ETL data through May 2026. Over the past 12 months, the indicator has averaged -72.32, ranging from -81.00 to -59.50 across 11 releases.
WHY IT MATTERS
The trailing three releases averaged -68.87, up from the prior three at -77.47. Volatility over the past year (σ 6.94) is comparable than the prior year (σ 7.12). In May readings over the past 3 years, ZEW Current Conditions has averaged -77.37.
THE MODEL'S TAKE
Historically, this indicator is negatively correlated with BTC/USD (Bearish BTC). A secondary relationship exists with EUR/USD, negatively correlated (Bearish EUR). Over the last 12 releases, the Sigmacast model's median absolute error is 2.21.
WHAT TO WATCH NEXT
The next release is scheduled for June 16, 2026. Same-country events in the next 14 days include Wholesale Prices MoM (Jun 15) and Wholesale Prices YoY (Jun 15).
Auto-generated from current model state · Refreshes on each release · Last update May 2026.
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ZEW Current Conditions - DE
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About ZEW Current Conditions — Germany
DEFINITION
ZEW Current Conditions is a widely recognized financial indicator that measures the current economic situation in Germany. It is based on a monthly survey of financial experts and provides valuable insights into the country's economic performance. This indicator is closely monitored by investors, policymakers, and businesses as it can help inform decisions and strategies related to the German economy. With its timely and reliable data, ZEW Current Conditions is a crucial tool for understanding the current state of the German economy.
WHY THIS INDICATOR MATTERS
Sentiment surveys are forward-looking inputs that often lead hard data on output and hiring. Sharp swings can drive cross-asset repricing. Surprises against consensus can drive short-term moves, particularly when the print breaks an established trend. Released monthly.
WHAT CHANGED THIS MONTH
Latest reading (May 2026): actual -77.8, consensus -77.5. Prior reading (Apr 2026): -73.7. Before that (Mar 2026): -62.9.
WHAT'S NEXT
Sigmacast's 1-month forecast points to a lower reading versus the latest print, with the 3-month outlook reinforcing that direction. Both horizons are aligned bearish for this indicator, suggesting a consistent trend signal. Trend-driven dynamics are the primary headwind in the current projection. This indicator correlates most strongly with BTC/USD (Bearish BTC, r=-0.72) — a useful reference for crypto-focused traders.