By FX Empire.com

The EUR/USD pair ended a volatile week and about to start a new one with the speculation and jitters evident ahead of the final plan fromEurope.

The market will start the week with the EU summit in focus, hoping that the leaders present something strong and sustainable to contain the crisis.

Still the leaders that meet Sunday might not present to markets any final plans especially asGermanyandFrancecalled for another meeting on Wednesday which according to them will be the latest set date for the measures to announce.

The leaders are in disarray over how to expand the firepower of the EFSF without undermining the fiscal health of the guaranteeing nations or the ECB as a financing source.

More volatility will be seen and we have two scenarios and two violent scenarios. One is a strong recovery if the market finds the measures strong to contain the crisis, and the other is a strong selloff is they did not find a suitable reaction to the crisis.

We also have growth data from the United States which will also attract the attention, especially as the economy is expected to have expanded further in the third quarter, easing recession woes.

Other news from the euro area and the U.S. economy to affect the pair this week:

Monday October 24:

Germany will start at 07:30 with the advanced PMI Manufacturing for October which is expected to weaken to 50.0 from 50.3 while the Services PMI to recover slightly to 50.0 from 49.7.

The data start on Monday with the advanced estimate for the sectors performance in October at 08:00 GMT. The PMI Services is expected to fall to 48.5 from 48.8 and the PMI Manufacturing is expected to fall to 48.2 from 48.5 and accordingly the Composite PMI is likely to weaken as well from September’s 49.1.

The Industrial New Orders for August are due at 09:00 GMT and expected to drop by 0.1% after 2.1% slump the previous month.

Tuesday October 25:

Germany will report the Gfk Consumer Confidence for November at 06:00 GMT which is expected to weaken to 5.1 from 5.2.

The U.S. economy is set to release the Consumer Confidence for October at 14:00 GMT which is expected to improve to 46.0 from 45.4.

Wednesday October 26:

The United States will release the Durable Goods Orders for September at 12:30 GMT where they are expected to drop 0.7% after 0.1% drop and excluding transportation to rise 0.5% from 0.1% drop.

New Home Sales Index for September is due at 14:00 GMT and expected with 1.7% rise to 300 thousand from 295 thousand.

Thursday October 27:

The euro zone confidence figures for October are due at 09:00 GMT. The Business Climate Indicators is expected to weaken further to -0.15 from -0.06, the Economic Confidence is expected to drop to 94.1 from 95.0 while Industrial Confidence is expected to fall to -6.5 from -5.9 and the Services Confidence will decline to -1.3 from 0.0. Consumer Confidence is expected unrevised from the advanced estimate at -19.9.

Germany’s Consumer Price Index advanced reading for October is due and likely maintained the same gain from the previous month with 0.1% rise on the month and 2.6% on the year. In EU Harmonized terms expected to ease on the month with 0.1% gain following 0.2% rise and on the year to fall to 2.8% from 2.9%.

Critical growth data is lined for release from theUnited Statesat 12:30 GMT. The economy is expected to expand by 2.3% in the third quarter after 1.3% and personal consumption is expected to strengthen to 1.9% after 0.7% the second quarter. The Core PCE on the quarter is expected to ease to 2.2% from 2.3% the previous quarter.

The weekly jobless claims are also due as always the same time for the week ending October 22 after they dropped last week to 403 thousand.

The pending home sales for September are due at 14:00 GMT and expected with 0.1% rise after 1.2% drop.

Friday October 28:

The U.S. economy will end the week with the income report for September at 12:30 GMT were personal spending is expected to rise by 0.6% after 0.2% and income to rise 0.3% after 0.1% drop. The Core PCE is expected with 0.2% on the month after 0.1% and on the year to rise 1.7% from 1.6%.

The week will end with the University of Michigan consumer confidence final October reading at 13:55 GMT and expected to be revised higher to 58.0 from 57.5.

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