Swiss Unemployment Rate (OCT) (06:45 GMT; 01:45 EDT)
                          (Rate)          (Seasonally Adjusted)
Consensus:          3.1%                   3.2%
Previous:             3.1%                    3.2%

Outlook:  Switzerlandâ�,��"�s jobless rate is expected to pass a fifth month unchanged at 3.1 percent in October, suggesting the economy is holding strong.  With the recent turn in consumer sentiment, spending, trade and leading indicators from the nation over the past months, the market has begun to price in the possibility that the economy had peaked.  A few indicators released over the past few weeks though support continued production needs and labor levels from Swiss firms.  Most of the support comes on the back of demand.  From domestic sources, the UBS Consumption Index for September jumped higher while the adjusted annual retail sales figure for August marked positive growth for a third month.  Consumption from outside the boarders was also robust, signified by Septemberâ�,��"�s stronger than expected trade surplus.  Another issue that will play into hiring trends for the next few months will be the drop in prices for producers.  With energy costs sliding in the weeks through October, more capital will be available to supplement production capacity.  On the other hand, other indicators could sway hiring managers to trim the rosters such as a drop in leading indicators and plunge in the SVME PMI.  Specifically in the SVME survey, a second consecutive contraction in the employment component seems foreboding.  The SNB will weigh labor strength as a means to forecast the economyâ�,��"�s long-term strength.

Previous:  Swiss unemployment on a seasonally adjusted basis slipped to its lowest level in three-and-a-half years in September as companies look to keep up with the well oiled economy.  Despite a modest deceleration in economic growth over the second quarter to a 0.7 percent pace from 0.8 percent in the first three months of the year, the SNB still predicts annual GDP will top a six year high.  More of this value production will likely come from domestic consumption in the months ahead as exports begin to lag.  Consumer confidence already sits at a five-year high as employment and growth trends keep the Swiss optimistic.  On the other hand, lagging demand from foreign sources could live a big hole to fill.  Exports account for nearly 50 percent of GDP, and the US economy is breaking while Germans are reining in spending ahead of their VAT tax hike.  Employment could be the barometer for the entire country as indirectly controls consumer spending with sentiment, and can forecast inflation through wage growth.

Euro-Zone Retail Sales (SEP) (10:00 GMT; 05:00 EDT)
                        (MoM)          (YoY)
Consensus:      -0.4%            2.0%
Previous:          0.7%             2.4%

Outlook:  Retail sales in the Euro-zone are anticipated contract 0.4 percent in the month of September, while the annual rate should slow to 2.0 percent. Solid employment figures, lower oil prices, and more optimistic consumer sentiment may not be enough to encourage more aggressive spending habits.  Substantial downside risk comes from the September German retail sales report, which plunged 1.7 percent as consumers indicated concern regarding the outlook for the economy amidst mounting price pressures and the looming German VAT hike in 2007. This prominent pressure is expected to even overcome other, stronger regional figures.  Other member countries, such as France, have shown more encouraging retail figures in their respective reports.  Should consumer spending in the conglomerate economy start sliding in the coming months, growth predictions will abate.  Economists believe Europeans will ramp up their spending habits in the holiday even as the tax hike looms in order to take advantage of the still cheaper prices.  If this scenario does not come to pass, the economy could turn quicker and deeper than originally though and leave the central bank with little choice but to hold off on further rate hikes.

Previous:  Retail sales in the Euro-zone jumped 0.7 percent in August, bringing the annual rate up to 2.4 percent from Julyâ�,��"�s downwardly revised 1.9 percent. The increase in August sales was a surprise against the expected rise of 0.5 percent, as well as previously released figures out of Germany, which showed stagnation from July. A full breakdown of the data is not available, but the index does show that non-food products made up a majority of the rise, which may signal that items such as clothing helped buoy the figure. The release indicated that spending was likely aided by a strong labor market and solid consumer sentiment, and gave the ECB further incentive to hike rates to 3.25 percent just a few days later.

UK BRC Retail Sales Monitor (YoY) (OCT) (11:00 GMT; 06:00 EDT)
                          (Total)         (Same Store)
Consensus:           n/a                2.3%
Previous:              5.2%              2.4%

Outlook:  The BRC retail sales monitor for the UK is predicted to slip for the third consecutive month in October. Same store sales, which tend to provide a more accurate guide to spending patterns, but may underestimate the growth rate of retail as a whole, are estimated to fall to 2.3 percent on an annual basis. Substantial downside risk comes from recent retail sales and CBI distributive trades reports. UK retail sales unexpectedly declined for the first time in eight months in September by 0.4 percent. The fall came as clothing and footwear sales eased back in line with expectations, while food sales improved. Additionally, higher furniture prices likely pushed household goods sales lower. Meanwhile, the headline index of CBI distributive trades surprisingly plummeted to negative 4 in October from 14 as expectations for November dipped to 11 from 16 the month prior. Overall, another decline in October may indicate that consumer spending will be weak throughout Q4 as energy prices elevate and interest rates track higher.

Previous:  The UK BRC retail sales monitor showed that same store sales slowed to 2.4 percent in September while total sales fell back to 5.5 percent from 6.1 percent. Despite weaker energy prices, which should have left more disposable income for consumers, the data indicated that spending may be soft for Q3, especially in the face of rising RPI, which jumped 0.5 percent in September. While the figures did not bode well for consumption as a whole, they were unlikely to shift expectations of a Bank of England rate hike before year end.

German Industrial Production (SEP) (11:00 GMT; 06:00 EDT)
                          (MoM)          (YoY)
Consensus:         0.1%             6.4%
Previous:            1.9%              7.2%

Outlook:  German industrial output is expected to slow to 0.1 percent in September, which would bring the annual rate down to 6.4 percent. Weaker domestic and foreign demand will likely keep companies from increasing production in order to avoid accumulating inventory. The most recent reading of manufacturing PMI does not lend strength to estimates of the report either, as the index fell to 58.2 in October from 58.4 during the month prior. Nearly all of the components of PMI dropped, with export orders and new orders both slipping. Additionally, the employment component eased back, which does not bode well for the German labor market in general. Nevertheless, the Euro-zoneâ�,��"�s largest economy continues to expand, and while it may be slowing, growth reports should keep the European Central Bank on track to hike rates to 3.50 percent in December.

Previous:  Industrial production in Germany jumped 1.9 percent in the most of August, the biggest gain in nearly three years, bringing the annual rate to 7.2 percent. Manufacturing production of 2.3 percent led the gain as factories boosted output of consumer goods such as refrigerators and washing machines. Meanwhile, a 1.9 percent drop in energy production capped gains in the headline report as demand waned on elevated prices. The continued prosperity of German businesses helped to tighten the labor market and keep the unemployment rate at a two year low of 10.6 percent in August. As a result, consumer confidence, as measured by GfK, improved to 8.5 from 8.0 in July. Despite increasingly optimistic and gainfully employed consumers, retail sales had yet to feel the effects, as August spending slipped 0.1 percent.

Reserve Bank of Australia Rate Decision (22:30 GMT; 17:30 EDT)
Consensus:             6.25%
Previous:                6.00%

Outlook:  Australiaâ�,��"�s national monetary policy group is expected to lift the overnight cash rate for a third time this year to a near-six year high 6.25 percent.  Despite moderation in the nationâ�,��"�s growth figures, price pressures are suspected to keep the RBA on its toes.  In a speech given last month, central bank governor Glenn Stevens said it was his â�,��"mainâ�,� duty to tame persistent inflation and that the next move from his group would more likely come in the form of a hike rather than a cut.  These comments come on the back of strong inflation reports.  In the third quarter, headline price growth shrugged off a sizable easing in energy prices to slow only 0.1 percentage points to a 3.9 percent.  This is well beyond the central bankâ�,��"�s 2 to 3 percent target range.  The underlying price current may also act to keep the RBA on the path to hike, as the core â�,�˜trimmedâ�,��"� gauge actually pushed higher to 2.9 percent to mark its fastest pace in four years.  Even more current inflation numbers from proprietary sources are reporting resilient price growth as energy prices stabilize.  TD Securitiesâ�,��"� CPI indicator ticked higher in its annual measurement to a 3.2 percent pace, picking itself off of a six-month low.  When looking to the futures market, used to determine the implied possibility for monetary policy in the coming months, a hike is almost fully priced in.  There is even a modest level of speculation that the policy group will move higher again in early December.  This will add market weight to any comments made by officials after this policy meeting.  However, with the annual pace of GDP near a five year low 1.9 percent pace and the prospects of a nationwide drought looming, further rate hikes may be further away than futures markets are accounting for.

Richard Lee is a Currency Strategist at FXCM.