The week starts with the release of no data from the Swiss economy, where the U.S. will release Chicago Purchasing Manager at 13:45 GMT which is predicted to retreat to 59.0 in October form 60.4 a month earlier.
Once again, attention will probably come back to fundamentals as after the European debt deal struck last week the main focus will be on shoring up economies amid the sluggish global growth.
This week, the main highlight will be on the infamous jobs report from the US as it will give an update regarding the status of the labor sector, after September’s report had shown better-than-expected reading. Yet, before the release of the jobs report eyes will be on manufacturing data from both economies.
If data showed improvement, the pair is predicted to continue its downside fall as investors will leave the dollar as a favorite safe haven after the Swiss franc had lost its appeal as a refuge after the several interventions that took place since September and amidst speculations the bank will raise the euro cap against the franc to 1.40 from the current 1.20, especially as some earnings reports showed that many Swiss companies were affected by the franc’s appreciation, the pair is continuing its downside direction.
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