The German September ILO unemployment rate dropped to 7.1% from 7.2% in August. Expectations had been for a steady rate of 7.2%, so data were somewhat better than anticipated. However, the focus is on the more timely national rate for October, released later today, where we look for a decline in the seasonally adjusted jobless number of 10K (median -15K), leaving the jobless rate unchanged at 7.6%. Meanwhile, the euro-dollar pulled back from its intraday high to hold near 1.3190.