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Web Trader MT5
Z
Zero-lag moving average
A technical indicator that attempts to eliminate lag in the calculation of moving averages.
Zero-sum game
A situation in which one participant’s gain is exactly balanced by another participant’s loss.
ZEW Financial Market Survey
The ZEW Financial Market Survey is a monthly questionnaire run by ZEW, a German economic research institute. It asks up to 300 experts from banks, insurance companies, and corporate finance departments what they expect to happen over the next six months.
The questions cover areas such as economic growth, inflation, interest rates, stock markets, and exchange rates. Participants normally choose whether they expect each area to improve, remain unchanged, or worsen.
For instance, more experts may expect Germany’s economy to improve after an interest-rate cut. Their answers are then combined to produce indicators, including the ZEW Indicator of Economic Sentiment. So, the survey collects the opinions; the indicator turns them into a number.
ZEW Indicator of Economic Sentiment
The ZEW Indicator of Economic Sentiment turns the answers from the ZEW Financial Market Survey into one number. It shows whether financial experts feel more positive or negative about Germany’s economic outlook over the next six months.
The calculation is straightforward. The percentage expecting conditions to worsen is subtracted from the percentage expecting them to improve. If 45% expect improvement and 25% expect deterioration, the indicator is +20. Those expecting no change do not affect the result.
A positive number means optimists outnumber pessimists. It does not mean the economy has grown by that percentage. ZEW reports current conditions separately, so expectations and today’s reality can be compared side by side.
Zimbabwean Dollar (ZWD)
The Zimbabwean dollar identified by the code ZWD was the first currency used by independent Zimbabwe, from 1980 until 2006. It replaced the Rhodesian dollar and was issued by the Reserve Bank of Zimbabwe.
Years of very high inflation steadily reduced what the currency could buy. In 2006, the country replaced ZWD with a new dollar and removed three zeros, meaning 1,000 old dollars became one new dollar. More redenominations followed, each with a different code.
That history matters because ZWD is no longer Zimbabwe’s current currency code. The country introduced Zimbabwe Gold, known as ZiG and coded ZWG, in 2024. When reading older charts or reports, the date and code need to be checked together.
Zloty
The currency of Poland.
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