FX Daily

* In the data calendar the main event is the IFO business survey in Germany. We expect continued improvement in IFO and yesterday’s strong German PMIs even suggest that there could be upside risk to our forecast. German revised Q3 GDP will also be released and in that connection we will also get the first estimate for the demand components.

* Euro-area finance ministers will meet today at 15:00 CET to discuss the European Commission’s assessment of the 2014 draft budgets submitted by the national governments.

* ECB board members Peter Praet, Christian Noyer, Ewald Nowotny and Ignazio Visco are all scheduled to speak today in connection with a SUERF conference on ‘Financial reconstruction in Europe’ in Paris. Bundesbank president Jens Weidmann will also be speaking again today at 11:45 CET.

* Sweden releases confidence indicators for November.