Week in FX Europe – Not everyone is a EUR Basher

EUR remains on the back foot after a surprisingly strong NFP headline and monthly revisions. A resilient US jobs report has some thinking that the FED may be less likely to go further down the QE path. No matter what next weeks US election outcome is, history tells us that it should favor the dollar, short term at least.

Not everyone is a EUR basher, SNB’s Jordan believes that the EUR/CHF floor at 1.20 was and is the ‘right policy.’ Swiss policy makers are adamant that the floor will remain in place and are dependent on economic factors. Jordan continues to defend the floor believing that the franc remains overvalued. His tone appears more muted, before he was defending the level at all costs. His dulcet tones would have us believing that the floor will not be raised any time soon.

• Spanish Pain Deepens
• ECB Concerned about Credit Demand
• European Youth Unemployment Shifts Migration to Former Colonies
• UK Construction Falls Leading to Job Losses
• Lagarde had a list of 2,000 Greek Tax Evaders in 2010
• Greek Pension Reforms Hurt EUR
• NOK Rises on No FX Buying
• EZ Sets Sight on Nov 12 for Greek Deal
• Eurozone Unemployment Hits 11.5 Percent
• NYSE Expects Normal Open Wednesday
• Britain and its Future in the European Union
• Draghi backs German calls for a European Super-Commissioner

WEEK AHEAD

• USD ISM Non-Manufacutring Composite
• AUD Reserve Bank of Australia Rate Decision
• EUR Euro-Zone Producer Price Index (YoY)
• AUD Employment Change
• GBP BOE Asset Purchase Target
• GBP Bank of England Rate Decision
• EUR European Central Bank Rate Decision
• EUR German CPI
• USD U. of Michigan Confidence

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