The euro is looking soft again this morning, EUR/USD presently down at 1.2410. Data released earlier this morning confirmed that Germany has slipped into recession. Q-3 German GDP contracted 0.5% q/q, worse than the median forecast of -0.3%, with Q-2 revised to -0.4% from -0.5%. The economy last contracted this much over two consecutive quarters (the technical definition of a recession) back in 1996. So the official numbers now confirm what we already knew and will serve to strengthen conviction that the ECB will be easing monetary policy further, and soon.