Germany's ZEW survey of economic expectations declined to 8.6 in August from 27.1 in July and vs. expectations for a print of 18. It's the eighth straight month of declines and the indicator has reached its lowest level since December 2012.
It's another data point painting a picture of a sharply slowing economy following an unusually strong Q1. Last month, the closely-watched Ifo survey indicator fell for the third consecutive month.
The euro (NYSEARCA:FXE) is lower by 0.3% to $1.3344, it's weakest level since November. It was just three months ago, the currency touched $1.40.
Germany's DAX is down 0.4%. EWG -0.5% premarket