Market research company GfK released its consumer confidence index for Germany on Wednesday. The Gfk German consumer confidence index increased to 9.7 in March from 9.3 in February, beating forecasts for a rise to 9.6. That was the highest level since October 2001.

Gfk said that "the drop in energy prices is boosting the purchasing power of private households and opening up room for further spending ".

A weaker euro and falling oil prices boost consumers' purchasing power and German exporters.