Germany's IFO seen 85.9 in Oct from 85.7 in Sep

Range of forecasts from 29 economists is 83.0-90.0

Expectations f/c 83.3 after hitting 2023 low at 82.6 in Aug

Eurozone M3 is seen at a record low -1.7% in September

When ECB used M3 to determine policy its target rate was 4.5%

Although M3 no longer determines policy it still matters

An extreme of this extent may result in lower rates coming sooner

Lower oil to influence currencies nL1N3BV0GH