“It's great,” said Fraser. “I played really well - drove the ball really straight, only missed one fairway.
“Any time you do that, you're going to give yourself plenty of chances. The greens were nice this morning and I managed to make a few putts and especially a few at the end, which was great.”
Indian Shiv Kapur, France's Grégory Havret and South African Keith Horne all shot 66, but local favourite and former World Number One Martin Kaymer managed only a one under 71, jetlag taking its toll on his return from the US Open in San Francisco.
"I only slept two hours last night," Kaymer said.
"I made only two birdies, which is not a lot on this course. I didn't drive the ball very well.”
Colin Montgomerie, who was also in the States doing television commentary work, returned a 69 on the course where he won the German Masters back in 1998.
American John Daly, winner of the title in Munich 11 years ago, was happy with a bogey-free 68 after deciding to put no fewer than five woods in his bag.
"I hit my irons very low, but here everything is so soft and you have to hit it high," said the former Open and US PGA Champion.
"They're a lot easier to hit, but I have to get used to them."
The afternoon starters included Sergio Garcia, back-from-injury Paul Casey and 54 year old Bernhard Langer. Both Casey and Langer kicked off with a birdie.