Germany: Gfk Consumer Confidence Index slumps to -42.5 in October vs. -39 expected

• German Gfk Consumer Confidence Index dropped to a new all-time low.
• EUR/USD trades in negative territory near 0.9550 after the data.

Consumer sentiment in Germany is seen hitting its weakest point in October with the Gfk Consumer Confidence Index slumping to a new all-time low of -42.5 from -36.8 in September. This reading came in weaker than the market expectation of -39. 

"Many households are currently forced to spend significantly more money on energy or set aside for significantly higher heating bills," GfK consumer expert Rolf Buerkl said and explained that would leaves less money available for making new purchases.

Market reaction

EUR/USD stays on the backfoot after this data and was last seen losing 0.35% on the day at 0.9558.