Based on the last 12 ZEW Economic Sentiment Index events in Germany, we expect a 7 pip movement on NZDUSD within 2 hours following the event release at 21 Apr 09:00 UTC. We expect NZDUSD to trend downwards 2 hours following the event release at 21 Apr 09:00 UTC if the released value is > -41

Historical events that allowed us to draw this conclusion

10 Dec 10:00

12 Nov 10:00

15 Oct 09:00

17 Sep 09:00

16 Apr 09:00