Hungary PPI Up; Markets Eye ECB Decision

Hungary's producer price inflation rose to 2.4% year‑on‑year in September (from 2.3% in August), driven by higher non‑domestic output inflation while domestic output slowed and monthly producer prices fell 0.4%. France's preliminary harmonized consumer inflation eased to 0.9% year‑on‑year in October, slightly below Reuters' poll. FX markets showed a softer US dollar as Fed‑cut bets rose (CME FedWatch priced about a 71% chance of a December cut), lifting GBP/USD to roughly 1.3160. EUR/USD traded nervously ahead of the ECB decision, at times holding above 1.1600 on optimism after reported US‑China trade progress and concerns about Germany's Q3 growth stall, but slipping toward 1.1570 when the dollar strengthened. Investors are focused on upcoming EU GDP data and the ECB policy meeting, where rates are widely expected to be left unchanged.