"In our view, the fall of the euro in the last week or so is a catch up move in the rate to reflect the stresses that have been around. So, it's not terribly surprising, although we don't see the catalyst for another move lower," said Sinche. "...I don't think we're going to see major developments in the dollar (in the next week). It will be choppy."
On Tuesday, the focus could swing back to U.S. politics. Congressional leaders are expected to meet with President Obama, and tax cuts and budget cuts are among the topics expected to be on the table. Markets have been hoping for a compromise from Democrats that would allow all Bush tax cuts to be extended before they expire at year end.
"We've seen some of the worst of the European policy dilemmas as Congress is back in session next week, and it's not clear they're going to distinguish themselves in a positive way either. In a sense, the U.S. has benefited from a lack of political commentary," said Sinche.
Chadha also noted that Washington has gone "silent" since the mid-term election.
"The question is if the Administration and Congress are going to move collectively toward the center. My view is that is likely to happen. I'm not sure that the different constituencies really have much choice in the matter," he said.
In the coming week, there is important data on manufacturing and housing, in addition to jobs data and the consumer-oriented reports.
The deficit commission also votes on its controversial proposals to cut the federal deficit Wednesday. Fed Chairman Ben Bernanke speaks Tuesday to a group of business leaders on the economy at 3 p.m. in Columbus, Ohio.
"Obviously jobs is going to be the key," said Sharon Stark, chief market strategist at Sterne Agee and Leach. "I would look for more like 175,000 (non farm payrolls) with stronger growth on the private sector side." In October, the economy created 151,000 jobs, much more than expected.