Investing.com – Germany's consumer climate improved more than expected in July, rising to its highest level since October 2007, data showed on Tuesday.
In a report, the market research group Gfk said its index of Germany's consumer climate advanced to 3.9 in July, after rising to 3.6 in June, whose figure was revised up from 3.5.
Analysts had expected the index to rise to 3.6 in July.
Year-on-year the index advanced 50.8 points in July.
The report said that consumer expect the German economic recovery to continue to gather momentum while forecasters are now expecting the number of unemployed to fall below three million this autumn.
The report also said that Deutsche Bank, in its June forecast, predicted that gross domestic product will rise by 1.9%.
Following the release of the data, the euro was up against the U.S. dollar, with EUR/USD gaining 0.10% to hit 1.3007.
In a report, the market research group Gfk said its index of Germany's consumer climate advanced to 3.9 in July, after rising to 3.6 in June, whose figure was revised up from 3.5.
Analysts had expected the index to rise to 3.6 in July.
Year-on-year the index advanced 50.8 points in July.
The report said that consumer expect the German economic recovery to continue to gather momentum while forecasters are now expecting the number of unemployed to fall below three million this autumn.
The report also said that Deutsche Bank, in its June forecast, predicted that gross domestic product will rise by 1.9%.
Following the release of the data, the euro was up against the U.S. dollar, with EUR/USD gaining 0.10% to hit 1.3007.