The ZEW Center for European Economic Research released its economic sentiment index for Germany and the Eurozone on Tuesday. Germany's ZEW economic sentiment index increased to 48.4 in January from 34.9 in December, exceeding expectations for a rise to 40.1. That was the highest reading since February 2014.

The increase was driven by falling oil prices and a depreciating euro.

The ZEW President Clemens Fuest said that "news of the upcoming parliamentary elections in Greece and the Swiss National Bank's decision to abandon the euro cap on the franc's value have led to strong stock market fluctuations". Fuest added that these news "seems not to have impressed ZEW's financial market experts".

Eurozone's ZEW economic sentiment index rose to 45.2 in January from 31.8 in December, beating expectations for a gain to 37.6.