The euro has given back some of yesterday's outsized gain, which has seen EUR-USD settled about 0.4% lower, back under 1.0900. The euro is also off by about 0.3% against the yen, and some 0.2% versus sterling. We think things will calm down with the initial disappointment of Draghi's 'over promise, under deliver' act passing. The ECB still added a sizeable amount of easing. Today Germany has manufacturing orders data at the start of the session and Switzerland releases inflation data for November, but the focus will Stateside and the November payrolls report.
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