German IFO Weaker

German IFO number was lower in September prompting officials to expect a cut in rates by the ECB. French and Italian business confidence also set multi year lowers earlier in the day.

Comments from the IFO suggest that the German economy will escape a recession, but again that is a technical term. Economies are slowing and people are hurting. Companies are less confident and as such hiring will be non existent.

The Euro drifted lower this morning, marginally but the over riding factor to this economy still is the U.S. credit situation.

Good Luck and Good Currency Trading.