Markets opened the week cautiously, with a dearth of economic data releases, in a shortened trading week in the USA due to Thanksgiving. German PPI turned negative(October-4.5%), which was a welcomed reversal of recent trends, much lower than expected. The input price rises are fueling the inflation crises in Europe, so any signs of relief are a positive, assisted by softer energy prices. Speculation over inflation and Central Bank actions remain key drivers to market direction and as yet the Fed have not relented on their monetary assault on inflation. Markets will look toward the release of FOMC minutes, later in the week, for additional clues. The USD rebounded, with the GBP falling to 1.1780, while the EUR slipped to 1.0220. Nervous markets turn towards the safety of the US Dollar and this appears to be the default position. Commodity currencies were also impacted by the rising reserve, with the AUD falling below 0.6600, while the NZD plunged below 0.6100. Global flash PMI data releases and FOMC minutes will influence markets over the next couple of trading days.