Euro-zone October PPI came in at -0.8% month on month and +6.3% year on year, both numbers way lower than the median forecasts of -0.3% and +7.0% respectively. The numbers will heighten expectations of an aggressive ECB rate cut later this week. Cut of 100 bps anyone? Meanwhile EUR/USD stands at 1.2635, very marginally firmer on the day having opened up in Europe around 1.2620.