Fun and games to look forward to this week

This afternoon we get the FOMC decision. Obviously no change in policy is expected but the market will comb the statement for any change in emphasis. Given weak employment data, expect the Fed to maintain its present course.

Tomorrow we get a vote in the Irish Parliament on the EU/IMF deal. Ireland has a habit of defying the wishes of the EU (remember the Lisbon Treaty saga?).

Thursday and Friday may be the most important as EU leaders gather to hash out a permanent crisis resolution mechanism. If Germany consents to a more aggressive resolution mechanism that anticipates problems rather than merely reacts to them, that could shore-up the euro.