By FX Empire.com
On Monday, the Swiss economy will start the day with the release money supply M3 for the year ending Oct. at 08:00 GMT.
As of 15:00 GMT, the U.S. will release existing home sales which are estimated to record 2.2% drop in Oct. compared with a prior of -3.0%.
The U.S. data will be carefully watched to follow the development in the U.S. economy especially as the latest data is showing the world’s no.1 economy is showing progress and may lead global economies to recovery in the fourth quarter.
The better-than-predicted U.S. data released last week managed to ease the tensions spreading in markets on the back of the rise in Spanish and French bond yields which renewed concerns the debt contagion is spreading among the euro region’s largest economies.
However, the pair will probably be affected by the general sentiment which is focusing on the latest development from the euro zone.
The dollar benefited last week from the turmoil in markets as it advanced as a favorite safe haven amid speculations the SNB may intervene again to raise the franc’s cap against the euro.
This week, the main focus will be on Swiss trade data, amid speculations the SNB may intervene again to raise the franc’s cap against the euro, especially as the recent Swiss companies’ earnings reports showed the profits were negatively affected by the franc’s appreciation. In the U.S., the main highlight will be GDP 3q annualized second reading, minutes of FOMC meeting and other important data.
Originally posted here
