German consumer confidence moved higher in November to 6.3 points from 6.1 points in October, according to the GfK Institute.

The market was expecting a reading of 5.9. The previous month's reading was revised from 5.9 to 6.1.

Looking at the components for this index, economic expectations rose to -15 from -17.2, income expectations rose to 29.9 from 23.9, and willingness to spend rose to 33.9 from 33.1.

"Germans' fears of a recession have not increased further this autumn," the GfK Institute wrote in its press release, adding that the indicator moved slightly higher for a second consecutive month and that economic expectations have risen considerably after a three-month decline.

According to analyst Francisco Miñana from Digital Look: "This data is a more positive reading than the one from the recent IFO survey, which reached a two and a half year low. Meanwhile, the ZEW and PMIs, which are considered to be more reliable, offer mixed readings."

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