The GfK Consumer Sentiment came out at 5.5, despite the forecast for a reading of 5.6 and the previous price of 5.7. The economic indicator was badly influenced from the worsening crisis in the heavily indebted peripheral economies and the hiking energy prices (especially for oil). The single currency initially lost some 20 pips against the US Dollar to hit a low of 1.4014. The European Unit has recovered quickly climbing to 1.4049 within twenty minutes, currently the EURUSD pair is trading at 1.4040. The GfK Consumer Confidence economic indicator measures the confidence in the economic activity from the side of the consumers. Readings above zero are indicating growth in private consumption.