Investing.com – Germany's consumer climate improved unexpectedly in November, industry data showed on Tuesday.
In a report, the market research group Gfk said its index of Germany's consumer climate advanced to 5.5 in November, after rising to 5.1 in October, whose figure was revised up from 4.9.
Analysts had expected the index to remain unchanged at 5.1 in November.
The report said that consumers believe that the German economy will continue to recover strongly over the coming months, while forecasters are now expecting the number of unemployed to fall below three million before the end of the year.
Following the release of the data, the euro was down against the U.S. dollar, with EUR/USD falling 0.63% to hit 1.3541.
Meanwhile, European stock markets were sharply lower. The EURO STOXX 50 tumbled 1.19%, France’s CAC 40 plunged 1.12%, the FTSE 100 fell 0.78% and Germany's DAX was down 0.46%.
In a report, the market research group Gfk said its index of Germany's consumer climate advanced to 5.5 in November, after rising to 5.1 in October, whose figure was revised up from 4.9.
Analysts had expected the index to remain unchanged at 5.1 in November.
The report said that consumers believe that the German economy will continue to recover strongly over the coming months, while forecasters are now expecting the number of unemployed to fall below three million before the end of the year.
Following the release of the data, the euro was down against the U.S. dollar, with EUR/USD falling 0.63% to hit 1.3541.
Meanwhile, European stock markets were sharply lower. The EURO STOXX 50 tumbled 1.19%, France’s CAC 40 plunged 1.12%, the FTSE 100 fell 0.78% and Germany's DAX was down 0.46%.