Societe Generale Research likes short EUR exposure vs AUD and NZD.

"The week's main non-geopolitical event comes on Wednesday with the release of US CPI. If we see a pickup in core inflation to 2.5% (the market consensus), there will be little chance of any shift in market expectations: no rate hike this month, but a very strong chance of one in December and another in Q1," SocGen notes.

"Watching EUR/AUD, which bounced after drifting below 1.64 this morning. There are plenty of arguments for shorting European currencies against the AUD (and the NZD)," SocGen adds.