Current assessment 116.7 (exp 117) vs 117.9 in Sep, Business expectations 97.0 ( as expected) vs 97.1 Sep

Little initial reaction in EUR/USD with a small bounce to 1.3745, before heading lower

From IFO: Moves to shore up euro are in a critical phase, firms therefore very cautious,Germany has no room to cut taxes . ECB should cut key interest rate to 1%.