German Consumer Confidence index for the month of May falls to 5.7 from 5.9 in April. The index was expected to remain unchanged from the previous figure.
The Gfk survey compiles the data every month. It is based on a survey of approximately 2000 consumers who are asked to give a rating on past and future economic conditions, including personal financial situation.
Financial confidence is considered to be a leading indicator of consumer spending, which accounts for a majority of overall economic activity.
Since the release of the news at 0600GMT, the Euro dipped slightly against the US Dollar, from the opening level of 1.4682 down to 1.4667 within 20 minutes. EURGBP dropped from 0.8900 to 0.8891.