ZEW Forecast Survey - Banks Lower Forecasts for the German Stock Index DAX

The banks participating in the current ZEW Forecast Survey have revised downward their expectations for the German stock market index in the past three months. On average, however, the banks still expect an upward trend in the stock market development for the end of 2014 as well as for the first quarter of 2015. The majority of banks predict a devaluation of the euro against the US Dollar on a six-month horizon. This is the result of the ZEW Forecast Survey, which is conducted quarterly by the Centre for European Economic Research in cooperation with the Börsenzeitung.