• 107.7 prev
  • first fall in 6 months
  • current conditions 111.3 vs 111.6 exp vs 111.4 prev
  • IFO expectations 103.6 vs 104.5 exp vs 104.2 prev

Weaker than expected but euro not badly fazed at the moment

EURUSD 1.3819 from 1.3825

EURGBP unch at 0.8525

Add:

  • IFO says no revisions to sept indices
  • chief economist Wohlrabe says

This is a small damper not a trend change