Why do we care? Because it correlates closely with Germany’s Ifo survey which is due out tomorrow. The index rose to -14.2 in October from -17.8 in September. Ifo is seen at 92.1 from 91.3 tomorrow.

EUR/USD is edging lower in early US trade as equities and commodities give ground. Oil is down nearly a buck with Opec raising the motion of upping production. OPEC does not want to be tarred with the blame for a double-dip if oil prices continue to surge.

EUR/USD trades at 1.4980 while USD/JPY edges up toward earlier session highs of 91.58.It trades at 91.50. Exporter offers are noted at 91.75, traders report.