German analyst and investor morale rose to its highest level in more than 30 months in January, in a sign the eurozone crisis is no longer hitting Europe’s largest economy as hard as it was late last year.

The Mannheim-based ZEW think tank said its monthly poll of economic sentiment clim-bed for a second month to reach its highest level since May 2010, rising to 31.5 points from 6.9 in December. It was the biggest monthly rise in a year.

The reading beat a median forecast for 12 points in a Reuters poll, overshooting even the highest forecast for 23.5 points, and sending the euro higher and Bund futures lower.

“Investors seem increasingly confident that the European Central Bank’s safety net has averted the risk of a catastrophic eurozone break-up for good,” said Christian Schulz, senior economist at Berenberg Bank.

The ECB has resorted to extraordinary measures such as buying struggling states’ bonds and pumping low-cost money into the economy.

In September it announced a new and potentially unlimited bond-buying programme, which has yet to be tapped.