Germany, France and Italy, the three largest economies in the twelve-nation euro currency zone, are believed to have seen a long awaited upturn in business confidence this month.

Although economists are still awaiting confirmation of the July data, Germany's respected Ifo index is expected to show a rise from 93.3 in June to 93.9 this month - or so a median of forty-one different estimates in a Bloomberg survey showed.

Likewise an index measuring sentiment among French industrialists likely increased from 99 to 100; while Rome's Isae institute's confidence index is predicted to rise from 84.2 to 84.7 according to separate surveys of analysts and economists.

The upturn is thought to have been spurred by an 11% decline in the value of the euro against the dollar, thereby conferring a more competitive edge on exports outside the Eurozone - despite increasing unemployment and still-spiralling oil prices.

Comments Bank of America's London-based joint head of economics Holger Schmieding: "We've got a less overvalued euro and oil prices seem to be stabilizing,. It adds up to a modest improvement. The worst is probably over."

Bloomberg's consensus estimates are subject to confirmation by the respective institutes on Tuesday and Wednesday.

Data sourced from; additional content by WARC staff