German investor sentiment at 1-1/2 year high

German analyst and investor sentiment rose unexpectedly in March to its highest level in over 1-1/2 years, boosting hopes Europes largest economy will start recovering towards the middle of the year. The Mannheim-based ZEW economic think tank said on Tuesday its monthly poll of economic sentiment for Europes biggest economy rose to -3.5 from -5.8 in February, pushing the euro higher against the dollar.
The reading was the highest since the summer of 2007. The index was based on a survey of 291 analysts and investors conducted between March 2 and March 16. The consensus forecast in a Reuters poll of analysts last week was for the headline index to fall to -7.4 from the previous month. A separate ZEW index measuring assessment of current conditions went deeper into negative territory, falling to -89.4 from -86.2 in February but staying a sliver above the consensus forecast that saw it dropping to -90.0.