German Gfk consumer climate index falls more-than-expected

Forex Pros – Germany's consumer climate declined more-than-expected in June, industry data showed on Wednesday.

In a report, market research group Gfk said its index of Germany's consumer climate declined to 5.5 in June from 5.7 in May.

Analysts had expected the index to ease down to 5.6 in June.

The worsening of the debt crisis in Greece and continuing high energy prices are dampening the optimism that German consumers have been exhibiting up to now. As a result, the still very positive general conditions in Germany, such as falling unemployment and the strong economic upswing, are currently being somewhat overshadowed.

Following the release of the data, the euro was down against the U.S. dollar, with EUR/USD shedding 0.5% to hit 1.4029.

Meanwhile, the outlook for European stock markets was downbeat. The EURO STOXX 50 futures pointed to a drop of 0.65%, France’s CAC 40 futures shed 0.6%, the FTSE 100 futures declined 0.63%, while Germany's DAX futures indicated a drop of 0.8%.

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