German investor confidence unexpectedly fell for the first month in the past 10 in October as a stronger euro dampened prospects for exporters in Europe's biggest economy, a survey showed.
The ZEW institute's investor expectations indicator for Germany fell 0.6 points to 60.3 in October, below analysts' expectations for an increase to 62.5. An indicator gauging current conditions improved 4.3 points to -87.4, ZEW said.
"The reasons for the sideways movement in the expectations indicator are to be found partly in the recent strengthening of the euro, which will hurt exporters' sales and profits," ZEW said in a statement published today.
"Optimism remains but uncertainty about the economic recovery hasn't completely disappeared," the institute said. Mannheim-based ZEW surveys about 300 analysts and institutional investors every month.
An indicator that measures expectations for the dozen euro nations fell 2.8 points to 66.8, the ZEW survey showed. "Growth expectations for the euro zone remain more upbeat than those for Germany," the institute said.