Swiss Adjusted Retail Sales (YoY) (SEP) (08:15 GMT; 03:15 EDT)
Consensus:         4.7%
Previous:            4.5%

Outlook: Swiss retail sales look to continue their strong pace, as analysts predict Septemberâ�,��"�s results will show a 4.7 percent year-on-year gain in spending. Despite quickly falling gasoline prices, experts contend that consumer confidence at five-year highs will boost broader spending and lead the retail sales index further off of Mayâ�,��"�s drop. A strong labor market has fostered optimism in the small European economy, leaving national unemployment level at its lowest in almost four years. If this trend is to continue, we will likely see spending boost year-on-year inflation off of 2-year lows.

Previous: Retail sales grew at a faster pace for the second consecutive month, as a strong labor market boosted spending in the Swiss economy. The 4.5 percent year-on-year gain was more than double of that seen in July, indicating that Mayâ�,��"�s 2.3 percent decline was clearly an aberration and that the trend continues higher. The future remains bright for the Swiss consumer, as analysts see little reason to expect a slowdown in annualized gains. We look for tomorrowâ�,��"�s report to confirm strong demand and to boost outlook on the broader Swiss economy.

German Consumer Price Index (NOV P) (n/a GMT; n/a EDT)
                        (MoM)         (YoY)
Consensus:      -0.2%           1.4%
Previous:           0.1%           1.1%

Outlook: Falling energy prices will likely be enough to leave German consumer prices lower through November, but a weak base month will nonetheless allow the Year-on-Year figure to gain. After being revised lower through the month of October, inflation in Europeâ�,��"�s largest economy is likely to continue to moderate on a monthly basis. The only risk to this outlook remains planned Value Added Tax increases, which will boost prices across all consumer goods. Markets will watch the headline inflation number to gauge price pressures in the Euro-zoneâ�,��"�s most influential country, with any surprises to the downside to limit speculation of further ECB interest rate hikes. 

Previous: German officials revised flash estimates of inflation lower, as price pressures grew less than previously calculated through the month of October. This pushed the headline annual figure 0.1 percentage points lower to 1.1 percentâ�,�”bringing the broader EU figure to a 2-year low at 1.6 percent. This leaves the inflation number well-bellow the ECB target of 2.0 percent and challenges calls for higher interest rates through the medium term. As a result, traders will watch upcoming German and Euro-zone CPI data to modify interest rate expectations accordingly.

Richard Lee is a Currency Strategist at FXCM.