Markets closed for global holiday, check with your broker for holiday hours.

Measures the difference in value between total imports and total exports of goods. A positive reading means that more goods were exported than imported over the previous month. The Trade Balance has a sizable impact on GDP and at extremes can directly influence the country's currency value.

The Manufacturing Purchasing Manager's Index (PMI) measures the health of the manufacturing sector. It's derived from a monthly survey of purchasing managers where respondents indicate whether their organization's activity is higher than, the same as, or lower than the previous month for output, purchases, employment, inventories, orders, and prices. An index reading above 50 indicates sector expansion. PMI is believed to be a leading indicator because purchasing managers, by virtue of their jobs, have early access to data about their company’s performance.

The Manufacturing Purchasing Manager's Index (PMI) measures the health of the manufacturing sector. It's derived from a monthly survey of purchasing managers where respondents indicate whether their organization's activity is higher than, the same as, or lower than the previous month for output, purchases, employment, inventories, orders, and prices. An index reading above 50 indicates sector expansion. PMI is believed to be a leading indicator because purchasing managers, by virtue of their jobs, have early access to data about their company’s performance.

The Manufacturing Purchasing Manager's Index (PMI) measures the health of the manufacturing sector. It's derived from a monthly survey of purchasing managers where respondents indicate whether their organization's activity is higher than, the same as, or lower than the previous month for output, purchases, employment, inventories, orders, and prices. An index reading above 50 indicates sector expansion. PMI is believed to be a leading indicator because purchasing managers, by virtue of their jobs, have early access to data about their company’s performance. The Chartered Institute of Purchasing and Supply (CIPS) publishes this indicator monthly.

European Central Bank (ECB) Governor Mersch Speaks in Luxembourg.

Construction Spending measures the value of new construction projects. The reading reflects the monthly change in value of all activity.

The prices and employment sub-indices will be important.

The Institute of Supply Management (ISM) Manufacturing Index measures growth in the manufacturing sector. To produce the index, the ISM surveys 400 manufacturing firms on employment, production, new orders, supplier deliveries, and inventories. A reading above 50 indicates an expanding manufacturing sector.

The minutes will be very important for near-term dollar direction

The Federal Open Market Committee (FOMC) Meeting Minutes are a verbatim record of the committee's meeting held about two weeks earlier. The minutes give traders insight into the latest interest rate decision and policy shifts.

A higher than expected figure would reinforce expectations of a further ECB tightening.

The Consumer Price Index (CPI) measures the rate of inflation experienced by consumers. The reading represents the annual change in the average price of a fixed basket of goods and services purchased by consumers. Higher inflation generally leads to higher interest rates, which tend to strengthen the country's currency.

The Industrial Product Price Index (IPPI) measures the prices that manufacturers are paid as the goods leave the plant gate. Unlike the CPI, the IPPI excludes indirect taxes and all the costs that occur between the time a good leaves the plant and the time the final user takes possession of it, including the transportation, wholesale, and retail costs.

The Raw Materials Price Index (RMPI) measures price changes for raw materials purchased by industries in Canada for further processing.

Factory Orders measure the monthly change in the value of manufacturer's new orders for goods. A rising trend indicates a growing economy. This report gives more in-depth information than the durable goods report released about two weeks earlier.

Monetary Base measures Japan's outstanding currency in circulation, including banknotes, coins, and current account balances. The reading represents the yearly change in value. It uncovers the level of additional currency being supplied by the Bank of Japan. The more currency supplied, the less value it has when paired with other currencies.

Retail Sales measure the total value of sales in the retail sector. It's derived by comparing the month over month value of total sales. A rising trend indicates higher consumer spending, which is an important driver of the economy.

The Services Purchasing Manager's Index (PMI) measures the health of the services sector. It's derived from a monthly survey of purchasing managers where respondents indicate whether their organization's activity is higher than, the same as, or lower than the previous month for output, purchases, employment, inventories, orders, and prices. An index reading above 50 indicates sector expansion. PMI is believed to be a leading indicator because purchasing managers, by virtue of their jobs, have early access to data about their company’s performance.

The Services Purchasing Manager's Index (PMI) measures the health of the services sector. It's derived from a monthly survey of purchasing managers where respondents indicate whether their organization's activity is higher than, the same as, or lower than the previous month for output, purchases, employment, inventories, orders, and prices. An index reading above 50 indicates sector expansion. PMI is believed to be a leading indicator because purchasing managers, by virtue of their jobs, have early access to data about their company’s performance. The Chartered Institute of Purchasing and Supply (CIPS) publishes this indicator monthly.

The Producer Price Index (PPI) measures the rate of inflation experienced by manufacturers. The reading represents the monthly change in the average price of a fixed basket of goods and services purchased by manufacturers. Higher inflation generally leads to higher interest rates, which tend to strengthen the country's currency.

Retail Sales measure the total value of sales in the retail sector. It's derived by comparing the month over month value of total sales. A rising trend indicates higher consumer spending, which is an important driver of the economy.

Consumer Confidence measures the mood of consumers in regard to economic conditions. The reading is derived from a monthly survey that asks respondents to evaluate the prospects for the economy in the future. Higher readings point to higher consumer optimism. When consumers are optimistic they tend to purchase more goods and services, which stimulates the economy and strengthens the country's currency.

Factory Orders measure the monthly change in the value of manufacturer's new orders for goods. A rising trend indicates a growing economy.

Unemployment Claims measure the number of individuals who filed for unemployment insurance for the first time over the past week. A rising trend indicates a deteriorating labor market, which can weight on the economy.

The prices and employemnt indices will be significant for the dollar.

The Institute of Supply Management (ISM) Non-Manufacturing Index measures growth in various industries, including agriculture, mining, construction, transportation, communications, wholesale and retail trade. To produce the index, the ISM surveys 400 firms on employment, production, new orders, supplier deliveries, and inventories. A reading above 50 indicates an expanding services sector.

Industrial Production measures the total output of factories, mines, and utilities. The reading reflects the monthly change in output. Traders watch production numbers closely as a rising trend indicates a strengthening economy.

The Fed minutes have given the data additional importance for the dollar.

Employment Change measures the number of new jobs created. The reading represents the monthly change in the number of paid employees working part- or full-time. Employment growth will generally strengthen a country's currency, as it is one of the most important indicators of economy health.

The Unemployment Rate measures the percentage of the total work force that is unemployed and actively seeking employment. Rising unemployment rates indicate a slowing economy and can contribute to a weakening currency.

Wage inflation data will be important for the Fed.

Average Hourly Earnings is the hourly rate paid to the jobholders indicated in nonfarm payrolls. The reading represents the monthly change in the average rate for major industries.

The Ivey Purchasing Manager's Index (PMI) measures the value of purchases made by Canadian companies. It's derived from a monthly survey of purchasing managers where respondents indicate whether their organization's purchases were higher than, the same as, or lower than the previous month. The 175 survey participants are carefully selected geographically and by sector of activity to match the Canadian economy as a whole. An index reading above 50 indicates expansion. PMI is believed to be a leading indicator because purchasing managers, by virtue of their jobs, have early access to data about their company’s performance.

The Retail Purchasing Manager's Index (PMI) measures the health of the retail sector. It's derived from a monthly survey of purchasing managers where respondents indicate whether their organization's activity is higher than, the same as, or lower than the previous month for output, purchases, employment, inventories, orders, and prices. An index reading above 50 indicates sector expansion. PMI is believed to be a leading indicator because purchasing managers, by virtue of their jobs, have early access to data about their company’s performance.

The Retail Purchasing Manager's Index (PMI) measures the health of the retail sector. It's derived from a monthly survey of purchasing managers where respondents indicate whether their organization's activity is higher than, the same as, or lower than the previous month for output, purchases, employment, inventories, orders, and prices. An index reading above 50 indicates sector expansion. PMI is believed to be a leading indicator because purchasing managers, by virtue of their jobs, have early access to data about their company’s performance.

Atlanta Federal Reserve Bank President Jack Guynn will speak to the Rotary Club, in Atlanta Georgia, about the US economic outlook. Question and answer expected.

Kansas City Federal Reserve Bank President Thomas Hoenig will speak in Kansas City, Missouri, about the 2006 US economic outlook. Audience question and answer possible.

Consumer Credit measures the monthly growth in outstanding consumer installment credit. It gives insight into the state of consumer finances and can act as a leading indicator of consumer spending.

Strong commodity prices will lessen the deficit impact.

The Trade Balance measures the value difference between total imports and total exports of goods. A positive reading means that more goods were exported than imported over the previous month. The Trade Balance has a sizable impact on GDP and at extremes can directly influence the country's currency value.

Household Spending measures the level of expenditure per household. It's derived by comparing the year over year total spending divided by the number of households. Higher readings are a positive sign for the economy, as consumer spending accounts for half of Japan's GDP.

Zentrum für Europäische Wirtschaftsforschung (ZEW) Economic Sentiment measures the level of optimism for "financial experts" in regard to economic prospects over the next six months. The monthly indicator reflects the difference between the share of experts that are optimistic and the share of analysts that are pessimistic. For example, if 30% of participants expect the economic situation to improve within the next six months, 30% expect no change and 40% expect the economic situation to deteriorate, the ZEW Indicator of Economic Sentiment would take a value of -10. Thus, a positive number means that the share of optimists outweighs the share of pessimists.

A firm reading is realistic.

Zentrum für Europäische Wirtschaftsforschung (ZEW) Economic Sentiment measures the level of optimism for "financial experts" in regard to economic prospects over the next six months. The monthly indicator reflects the difference between the share of experts that are optimistic and the share of analysts that are pessimistic. For example, if 30% of participants expect the economic situation to improve within the next six months, 30% expect no change and 40% expect the economic situation to deteriorate, the ZEW Indicator of Economic Sentiment would take a value of -10. Thus, a positive number means that the share of optimists outweighs the share of pessimists.

Housing Starts are the number of new single-family homes or buildings constructed throughout the previous month.

Wholesale Inventories measures the monthly change in value of inventories held by wholesalers.

The Nationwide Consumer Confidence Index (NCCI) measures the mood of consumers in regard to economic conditions. The reading is derived from a monthly survey that asks respondents to evaluate the prospects for the economy in the future. Higher readings point to higher consumer optimism. When consumers are optimistic they tend to purchase more goods and services, which stimulates the economy and strengthens the country's currency.

The Leading Economic Index is a composite of ten indicators that measure overall economic activity by considering factory workweek, new orders for consumer goods, new orders for nondefense capital goods, stock prices, initial jobless claims, vendor performance, building permits, money supply, consumer expectations.

The Coincident Index is a key gauge of overall economic conditions meant to indicate the current state of the economy.

The Trade Balance measures the value difference between total imports and total exports of goods. A positive reading means that more goods were exported than imported over the previous month. The Trade Balance has a sizable impact on GDP and at extremes can directly influence the country's currency value.

New York Federal Reserve Bank President Timothy Geithner will speak at New York Association for Business Economics, about perspectives on monetary policy. Audience question and answer expected.

M2+CD Money Supply measures Japan's outstanding currency. The indicator is developed by comparing year over year currency levels.

M1 = currency in circulation + overnight deposits
M2+CD = M1 + Quasi-Money (Time Deposits etc.) + CDs

The Unemployment Rate measures the percentage of the total work force that is unemployed and actively seeking employment. Rising unemployment rates indicate a slowing economy and can contribute to a weakening currency.

Employment Change measures the number of new jobs created. The reading represents the monthly change in the number of paid employees working part- or full-time. Employment growth will generally strengthen a country's currency, as it is one of the most important indicators of economy health.

Industrial Production measures the total output of factories, mines, and utilities. The reading reflects the monthly change in output. Traders watch production numbers closely as a rising trend indicates a strengthening economy.

Manufacturing Production, like Industrial Production, measures the total output of factories, mines, and utilities. The difference is that it only measures the 13 sub-sectors of Industrial Production that relate directly to manufacturing. Manufacturing industries make up about 80% of total Industrial Production.

Gross Domestic Product (GDP) measures the value of all goods and services produced by the economy. The reading represents the quarterly change in value. GDP is the broadest measure of economic activity and the primary gauge of an economy's health. It therefore can have a significant impact on the value of a country's currency.

No change is likely.

The Bank of England (BOE) Monetary Policy Committee Interest Rate Decision is released shortly after a meeting in which the BOE, headed by Mervyn King, makes a decision on where to set the short-term interest rate (base rate). The BOC focuses heavily on inflation, as their stated mission is to achieve price stability. They generally raises rates to fight rising inflation, and lower rates in the face of deflation or economic slowdown.

The press confrernce will be important for the Euro.

The European Central Bank (ECB) Governing Council Interest Rate Statement is released shortly after a meeting in which the ECB, headed by Jean-Claude Trichet, makes a decision on where to set short-term interest rates (refinancing rate). The ECB focuses heavily on inflation, as their stated mission is to achieve price stability. They generally raises rates to fight rising inflation, and lower rates in the face of deflation or economic slowdown.

Some correction from last month's deficit is realistic.

The Trade Balance measures the value difference between total imports and total exports of goods. A positive reading means that more goods were exported than imported over the previous month. The Trade Balance has a sizable impact on GDP and at extremes can directly influence the country's currency value.

Unemployment Claims measure the number of individuals who filed for unemployment insurance for the first time over the past week. A rising trend indicates a deteriorating labor market, which can weigh on the economy.

Import Prices measures the rate of inflation for imported goods. The reading represents the monthly change in the average price of a fixed basket of imported goods and services.

Commodity exports will provide firm backing.

The Trade Balance measures the value difference between total imports and total exports of goods. A positive reading means that more goods were exported than imported over the previous month. The Trade Balance has a sizable impact on GDP and at extremes can directly influence the country's currency value.

Chicago Federal Reserve Bank President Michael Moskow will speak at University of Chicago Finance Roundtable.

Machine Orders measures the value of new orders placed with machine manufacturers. The indicator is derived by comparing month over month changes in the total value of all orders.

The Producer Price Index (PPI) measures the rate of inflation experienced by manufacturers. The reading represents the monthly change in the average price of a fixed basket of goods and services purchased by manufacturers. Higher inflation generally leads to higher interest rates, which tend to strengthen the country's currency.

The underlying increase should be subdued.

This indicator is a derivative of the PPI that excludes the volatile Food and Energy items.

Higher car sales should boost the retail sales figure.

Retail Sales measures the monthly change in total value of sales at the retail level. A rising trend indicates higher consumer spending, which is an important driver of the economy.

Trichet's comments will be important on Friday

ECB President Jean-Claude Trichet will deliver keynote speech at the conference “Campus for Finance 2006” at the WHU-Otto Beisheim Graduate School of Management in Vallendar, Germany.

Dallas Federal Reserve Bank President Richard Fisher to speak in San Antonio, Texas, at the Cross-Border Shopping Activity conference.

The Corporate Goods Price Index (CGPI) measures the rate of inflation experienced by corporations. The reading represents the monthly change in the average price of a fixed basket of goods and services purchased by corporations. Higher inflation generally leads to higher interest rates, which tend to strengthen the country's currency.

The Current Account is a Balance of Payments account that measures the difference in value between total imports and total exports of goods, services, income, and current transfers. It's essentially a statement of the country's trade with other nations over a period of time.

Industrial Production measures the total output of factories, mines, and utilities. The reading reflects the monthly change in output. Traders watch production numbers closely as a rising trend indicates a strengthening economy.

The Producer Price Index (PPI) Input measures the rate of inflation experienced by manufacturers when buying goods and services. The reading represents the monthly change in the average price of a fixed basket of goods and services purchased by manufacturers.

The Producer Price Index (PPI) Output measures the rate of inflation experienced by manufacturers when selling goods and services. The reading represents the monthly change in the average price of a fixed basket of goods and services sold by manufacturers.

The Forex market as a whole will not be closed, but your broker may close for a period. This creates a situation where you could have a position in the open market but not have access to close your position or place orders. Make sure you check the schedule of your specific broker and plan accordingly.

Consumer Confidence measures the mood of consumers in regard to economic conditions. The reading is derived from a monthly survey that asks respondents to evaluate the prospects for the economy in the future. Higher readings point to higher consumer optimism. When consumers are optimistic they tend to purchase more goods and services, which stimulates the economy and strengthens the country's currency.

Seasonal influences will push January prices higher.

The Consumer Price Index (CPI) measures the rate of inflation experienced by consumers. The reading represents the monthly change in the average price of a fixed basket of goods and services purchased by consumers. Higher inflation generally leads to higher interest rates, which tend to strengthen the country's currency.

An annual rate below 2.0% would hurt Sterling

The Consumer Price Index (CPI) measures the rate of inflation experienced by consumers. The reading represents the monthly change in the average price of a fixed basket of goods and services purchased by consumers. Higher inflation generally leads to higher interest rates, which tend to strengthen the country's currency.

The Empire State Index measures the mood of manufacturers in New York State. The New York Fed conducts this monthly survey that asks roughly 175 manufacturing executives to rate their business on an assortment of indicators, concerning both the present situation and future expectations.

Leading Indicators is a composite index that measures overall economic activity. It's developed by combining ten indicators that lead cyclical activity in the economy and together represent all major categories of Gross Domestic Product (GDP).

Industrial Production measures the total output of factories, mines, and utilities. The reading reflects the monthly change in output. Traders watch production numbers closely as a rising trend indicates a strengthening economy.

The Capacity Utilization Rate measures the percentage of available resources being utilized among factories, mines and utilities. A rising rate signals that resources are being utilized to their fullest capacity, which is a leading indicator of inflationary pressures.

The Claimant Count measures the change in number of people claiming unemployment related benefits over the previous month. A rising trend indicates a deteriorating labor market, which can weight on the economy.

The Average Earnings Index (AEI) measures the average wage, including bonuses, paid to employees. The indicator reading represents the change in the current quarter when compared to the same quarter in the previous year.

Industrial Production measures the total output of factories, mines, and utilities. The reading reflects the monthly change in output. Traders watch production numbers closely as a rising trend indicates a strengthening economy.

The Consumer Price Index (CPI) measures the rate of inflation experienced by consumers. The reading represents the monthly change in the average price of a fixed basket of goods and services purchased by consumers. Higher inflation generally leads to higher interest rates, which tend to strengthen the country's currency.

A weak figure would increase specualtion that interest rates will peak in the second quarter.

This indicator is a derivative of the Consumer Price Index (CPI) that excludes the eight most volatile items.

Federal Reserve Bank Governor Susan Shmidt will speak in New York, about economic outlook and productivity.

The Consumer Price Index (CPI) measures the rate of inflation experienced by consumers. The reading represents the monthly change in the average price of a fixed basket of goods and services purchased by consumers. Higher inflation generally leads to higher interest rates, which tend to strengthen the country's currency.

Underlying inflation should remain under control.

This indicator is a derivative of the Consumer Price Index (CPI) that excludes the volatile food and energy items.

Inflows should drop from elevated October levels.

The Treasury International Capital (TIC) Report measures foreign demand for US debt and assets. Strong demand tends to strengthen the dollar as foreigners convert their money in order to purchase US securities.

Richmond Federal Reserve Bank President Jeffrey Lacker will be the keynote speaker at an economic outlook conference in Baltimore, Maryland.

The Beige Book provides a look at how regional Federal Reserve branches view the economy in their locales. It is produced two weeks before the monetary policy meetings of the Federal Open Market Committee (FOMC), who uses the book's anecdotal evidence to help determine the path for interest rates.

The Reserve Bank of Australia (RBA) Bulletin is a monthly publication that contains economic commentary, feature articles, speeches and a set of statistical tables.

The Consumer Price Index (CPI) measures the rate of inflation experienced by consumers. The reading represents the monthly change in the average price of a fixed basket of goods and services purchased by consumers. Higher inflation generally leads to higher interest rates, which tend to strengthen the country's currency.

The Trade Balance measures the value difference between total imports and total exports of goods. A positive reading means that more goods were exported than imported over the previous month. The Trade Balance has a sizable impact on GDP and at extremes can directly influence the country's currency value.

Housing Starts are the number of new single-family homes or buildings constructed throughout the previous month.

Unemployment Claims measure the number of individuals who filed for unemployment insurance for the first time over the past week. A rising trend indicates a deteriorating labor market, which can weigh on the economy.

The International Securities Transactions Report measures foreign demand for Canadian debt and assets. Strong demand tends to strengthen the Canadian dollar as foreigners convert their money in order to purchase Canadian securities.

The inflation and employment components will be watched closely.

The Philadelphia Fed Index measures the mood of manufacturers in the Philadelphia Federal Reserve District. The Philadelphia Fed conducts a monthly survey that asks roughly respondents to rate their business on an assortment of indicators, concerning both the present situation and future expectations. The survey results are converted into a general index of business and manufacturing conditions within the Philadelphia Federal Reserve district.

Atlanta Federal Reserve Bank President Jack Guynn will speak in Augusta, Georgia, about the U.S. economic outlook.

San Francisco Federal Reserve Bank President Janet Yellen will speak in Los Angeles, California, at the 2006 Certified Financial Analysts forecasting dinner.

The Bank of Japan (BOJ) monthly Monetary Policy Report covers recent economic and financial developments that may effect the Bank's open market operations.

There is a VERY small possibility that the BOJ raises rates. If they do, the yen will skyrocket!

The Bank of Japan (BOJ) Interest Rate Statement is released shortly after a meeting in which the BOJ headed by Toshihiko Fukui, makes a decision on where to set short-term interest rates. The BOJ focuses heavily on inflation, as their stated mission is to achieve price stability. They generally raises rates to fight rising inflation, and lower rates in the face of deflation or economic slowdown.

The December sales report is prone to high volatility.

Retail Sales measures the monthly change in total value of sales at the retail level. A rising trend indicates higher consumer spending, which is an important driver of the economy.

Richmond Federal Reserve Bank President Jeffrey Lacker will speak in Richmond, Virginia, about the 2006 U.S. economic outlook.

Consumer Sentiment measures consumer attitudes concerning both the present situation and future expectations. It's derived from a monthly 500-person survey conducted by the University of Michigan. Higher sentiment levels are a leading indicator of rising consumer spending, which accounts for a third of the economy.

ECB President Jean-Claude Trichet will deliver keynote at the Global Panel Student Forum organised by the Global Panel Foundation in Stuttgart, Germany.

The Producer Price Index (PPI) measures the rate of inflation experienced by manufacturers. The reading represents the monthly change in the average price of a fixed basket of goods and services purchased by manufacturers. Higher inflation generally leads to higher interest rates, which tend to strengthen the country's currency.

Retail Sales measures the monthly change in total value of sales at the retail level. A rising trend indicates higher consumer spending, which is an important driver of the economy.

This indicator is a derivative of Retail Sales that excludes the volatile Automobile Sales component.

Leading Indicators is a composite index that measures overall economic activity. It's developed by combining ten indicators including factory workweek, new orders for consumer goods, new orders for nondefense capital goods, stock prices, initial jobless claims, vendor performance, building permits, money supply, consumer expectations and the spread between the 10-year note and the federal funds rate. Many of the components were previously reported which minimizes the indicator's market impact. The Conference Board publishes this indicator monthly.

New York Federal Reserve Bank President Timothy Geithner will speak in London, about the world economic outlook at global financial imbalances conference.

A firm figure would increase speculation over monetary tightening.

The Tertiary Industry Index measures production activity in Japan's service industries. The reading represents the monthly change in output. Traders watch this indicator closely, as a rising trend generally leads to higher overall economic growth.

The All Industries Index adds data from the primary sector to the Tertiary Industry Index. Primary sector industries include fishing, farming, forestry, mining, and manufacturing.

Federal Reserve Governor Mark Olson will speak in Selinsgrove Pennsylvania, at Susquehanna University, about Fed policy responsibilities.

New Vehicle Sales measures the number of new automobiles sold. The indicator is derived by comparing the month over month value of sales.

The Confederation of British Industry (CBI) Industrial Trends Indicator measures the level of optimism within manufacturing firms. It's derived from a monthly survey conducted by CBI where the balance of responses from firms saying they are 'more' or 'less' optimistic about the future than in the previous month. The indicator reading tends to correlate with annual GDP growth.

The BOC statement should be more important that the decision.

The Bank of Canada (BOC) Interest Rate Statement is released shortly after a meeting in which the BOC, headed by David Dodge, makes a decision on where to set short-term interest rates (overnight rate). The BOC focuses heavily on inflation, as their stated mission is to achieve price stability. They generally raises rates to fight rising inflation, and lower rates in the face of deflation or economic slowdown.

St. Louis Federal Reserve Bank President William Poole to speak in St. Louis, Missouri.

The Reserve Bank should stay on hold unless there is a very strong figure.

The Consumer Price Index (CPI) measures the rate of inflation experienced by consumers. The reading represents the monthly change in the average price of a fixed basket of goods and services purchased by consumers. Higher inflation generally leads to higher interest rates, which tend to strengthen the country's currency.

The Bank of Japan (BOJ) Meeting Minutes are a verbatim record of the bank's meeting held about one month earlier.

The Import Price Index measures the rate of inflation for imported goods. The reading represents the monthly change in the average price of a fixed basket of imported goods and services.

Further gains in the index are likely.

The Information and Forschung (Ifo) Business Climate Index measures the mood of firms in manufacturing, construction, wholesale and retail. The index is derived from a monthly survey of over 7,000 firms where respondents are asked to give their assessments of the current business situation and their expectations for the next six months. The indicator reading is a transformed mean of the balances of the business situations and the expectations, and can fluctuate between extreme values of -100 (i.e., all responding firms appraise their situation as poor or expect business to become worse) and +100 (i.e., all responding firms assessed their situation as good or expect an improvement in their business).

The Information and Forschung (Ifo) Business Expectations Index measures the mood of firms in regard to future expectations for the economy.

More than 1 vote for a cut would hurt Sterling.

The Bank of England (BOE) Meeting Minutes are a verbatim record of the bank's meeting held about two weeks earlier. The minutes give traders insight into the latest interest rate decision and policy shifts.

Growth will be lacklustre.

Gross Domestic Product (GDP) measures the value of all goods and services produced by the economy. The reading represents the quarterly change in value. GDP is the broadest measure of economic activity and the primary gauge of an economy's health. It therefore can have a significant impact on the value of a country's currency.

Existing Home Sales measures the number of previously constructed homes that were sold last month. Existing Home Sales make up a larger portion of the housing market than New Home Sales, and therefore are an important indicator of trends in the housing market. This indicator is published monthly by the National Association of Realtors.

Jean-Claude Trichet hosts a press conference in Nafplion, Greece, on the occasion of the Euro-Mediterranean Seminar jointly organized by the European Central Bank and Bank of Greece.

The Trade Balance measures the value difference between total imports and total exports of goods. A positive reading means that more goods were exported than imported over the previous month. The Trade Balance has a sizable impact on GDP and at extremes can directly influence the country's currency value.

The report is always prone to monthly volatility.

Durable Goods Orders measures the value of new purchase orders placed with domestic manufacturers for hard goods. The reading represents the monthly change in total value of new purchase orders, and points to how busy manufacturers will be in the months to come as they work to fill the orders.

Unemployment Claims measure the number of individuals who filed for unemployment insurance for the first time over the past week. A rising trend indicates a deteriorating labor market, which can weigh on the economy.

The Consumer Price Index (CPI) measures the rate of inflation experienced by consumers. The reading represents the monthly change in the average price of a fixed basket of goods and services purchased by consumers. Higher inflation generally leads to higher interest rates, which tend to strengthen the country's currency.

This indicator is a derivative of the Consumer Price Index (CPI) that excludes the volatile fresh food items.

The Consumer Price Index (CPI) measures the rate of inflation experienced by consumers living in Tokyo, the nation's most populated city. The reading represents the monthly change in the average price of a fixed basket of goods and services purchased by consumers. Tokyo CPI tends to have a greater market impact than National CPI because it's the most recent reading on inflation. Tokyo is relatively small population to survey and therefore results are reported about a month before national results.

A small annual increase is realistic.

This indicator is a derivative of the Tokyo Consumer Price Index (CPI) that excludes the volatile fresh food items. It tends to have a high market impact because it's the most recent reading on inflation. Tokyo is relatively small population to survey and therefore results are reported about a month before national results.

Retail Sales measures the monthly change in total value of sales at the retail level. A rising trend indicates higher consumer spending, which is an important driver of the economy.

Consumer Confidence measures the mood of consumers in regard to economic conditions. The reading is derived from a monthly survey that asks respondents to evaluate the prospects for the economy in the future. Higher readings point to higher consumer optimism. When consumers are optimistic they tend to purchase more goods and services, which stimulates the economy and strengthens the country's currency. GfK, a leading German market research company, publishes this indicator monthly.

M3 Money Supply measures the Eurozone's outstanding currency. The indicator is developed by comparing year over year currency levels.

M1 = currency in circulation + overnight deposits
M2 = M1 + deposits with agreed maturity up to 2 years + deposits redeemable up to 3 months' notice
M3 = M2 + repurchase agreements + money market fund shares/units and money market paper + debt securities issued up to 2 years

The housing component in the data will be important.

Gross Domestic Product (GDP) measures the value of all goods and services produced by the economy. The reading represents the quarterly change in value. GDP is the broadest measure of economic activity and the primary gauge of an economy's health. It therefore can have a significant impact on the value of a country's currency.

The inflation data will be important for the Fed and the dollar.

The Gross Domestic Product (GDP) Deflator measures the implicit rate of inflation for all economic activity. The Deflator is used to calculate the difference between nominal and real GDP.

New Home Sales measures the number of newly constructed homes sold in the previous month.

Measures the monthly change in total output of factories, mines, and utilities. A rising trend generally indicates a strengthening economy.

The Industrial Product Price Index (IPPI) measures the prices that manufacturers are paid as goods leave the plant gate. Unlike the CPI, the IPPI excludes indirect taxes and all the costs that occur between the time a good leaves the plant and the time the final user takes possession of it, including the transportation, wholesale, and retail costs.

The Raw Materials Price Index (RMPI) measures price changes for raw materials purchased by industries in Canada for further processing.

Measures the monthly change in average personal income received from all sources.

Measures the total value of consumer purchases of goods and services over the past month. Consumer spending makes up a third of GDP and therefore a rising trend generally strengthens a country's currency.

Measures the percentage of the total work force that is unemployed and actively seeking employment. Rising unemployment is a sign of a slowing economy.

Measures the average level of expenditure per household headed by an employed citizen. Rising trends are a positive sign for the economy, as consumer spending accounts for half of Japan's GDP.

Measures the number of new single-family homes or buildings constructed throughout the previous year.

Measures the percentage of the total work force that is unemployed and actively seeking employment. Rising unemployment is a sign of a slowing economy.

Measures the mood of consumers in regard to economic conditions. The reading is derived from a monthly survey that asks respondents to evaluate the prospects for the economy in the future. Higher readings point to higher consumer optimism. When consumers are optimistic they tend to purchase more goods and services, which stimulates the economy and strengthens the country's currency.

Industrial Confidence measures the mood of manufacturers in regard to economic conditions. The reading is derived from a monthly survey that asks respondents to evaluate the prospects for the economy in the future. Higher indicator readings point to higher manufacturer optimism. When manufacturers are optimistic they tend to purchase more goods and services, which stimulates the economy and strengthens the country's currency.

Measures the mood of consumers in regard to economic conditions. The reading is derived from a monthly survey that asks respondents to evaluate the prospects for the economy in the future. Higher readings point to higher consumer optimism. When consumers are optimistic they tend to purchase more goods and services, which stimulates the economy and strengthens the country's currency. GfK, a leading German market research company, publishes this indicator monthly.

The data should remain firm.

Gross Domestic Product (GDP) measures the value of all goods and services produced by the economy. The reading represents the quarterly change in value. GDP is the broadest measure of economic activity and the primary gauge of an economy's health. It therefore can have a significant impact on the value of a country's currency.

The Employment Cost Index (ECI) measures the monthly change in total employee compensation costs, including wages, salaries, and benefits. The ECI is the broadest measure of labor costs.

Measures the mood of consumers in regard to economic conditions. The reading is derived from a monthly survey that asks respondents to evaluate the prospects for the economy in the future. Higher readings point to higher consumer optimism. When consumers are optimistic they tend to purchase more goods and services, which stimulates the economy and strengthens the country's currency.

The prices index will be watched closely.

The National Association of Purchasing Managers (NAPM) Chicago compiles this index to measure business conditions in the Chicago area. Readings above 50 percent indicate an expanding business sector. The index is considered a leading indicator of the ISM manufacturing index.

A 0.25% rate increase looks a done deal and the statement will be crucial. Flexibility will be a key issue for the Fed.

The Federal Open Market Committee (FOMC) Interest Rate Statement is released shortly after a meeting in which the FOMC, headed by Alan Greenspan, makes a decision on where to set the federal funds target rate. The statement is released eight times per year and contains the latest rate decision, along with commentary on the state of the economy and how the FOMC intends to shift monetary policy in the future. The FOMC focuses heavily on inflation, as their stated mission is to achieve price stability. They generally raises rates to fight rising inflation, and lower rates in the face of deflation or economic slowdown.

Measures the annual change in sales volume for cars, light trucks, sport utility vehicles, and vans. Motor vehicle sales are good indicators of trends in consumer spending.

The Manufacturing Purchasing Manager's Index (PMI) measures the health of the manufacturing sector. It's derived from a monthly survey of purchasing managers where respondents indicate whether their organization's activity is higher than, the same as, or lower than the previous month for output, purchases, employment, inventories, orders, and prices. An index reading above 50 indicates sector expansion. PMI is believed to be a leading indicator because purchasing managers, by virtue of their jobs, have early access to data about their company’s performance.

A firm reading is likely.

The Manufacturing Purchasing Manager's Index (PMI) measures the health of the manufacturing sector. It's derived from a monthly survey of purchasing managers where respondents indicate whether their organization's activity is higher than, the same as, or lower than the previous month for output, purchases, employment, inventories, orders, and prices. An index reading above 50 indicates sector expansion. PMI is believed to be a leading indicator because purchasing managers, by virtue of their jobs, have early access to data about their company’s performance.

The Manufacturing Purchasing Manager's Index (PMI) measures the health of the manufacturing sector. It's derived from a monthly survey of purchasing managers where respondents indicate whether their organization's activity is higher than, the same as, or lower than the previous month for output, purchases, employment, inventories, orders, and prices. An index reading above 50 indicates sector expansion. PMI is believed to be a leading indicator because purchasing managers, by virtue of their jobs, have early access to data about their company’s performance. The Chartered Institute of Purchasing and Supply (CIPS) publishes this indicator monthly.

Measures the percentage of the total work force that is unemployed and actively seeking employment. Rising unemployment is a sign of a slowing economy.

Price and employment components will be watched closely.

The Institute of Supply Management (ISM) Manufacturing Index measures growth in the manufacturing sector. To produce the index, the ISM surveys 400 manufacturing firms on employment, production, new orders, supplier deliveries, and inventories. A reading above 50 indicates an expanding manufacturing sector.

Measures the monthly change in value of new construction projects.

Measures the number of cars, light trucks, sport utility vehicles, and vans sold in the previous month. Motor vehicle sales are a good indicator of trends in consumer spending.

Measures the annual change in Japan's outstanding currency in circulation, including banknotes, coins, and current account balances. It uncovers the level of additional currency being supplied by the Bank of Japan. An increasing monetary base generally results in higher inflation.

Measures the monthly change in total value of construction intentions. This data is a leading indicator for the construction industry since the issuance of a building permit is one of the first steps in the construction process.

The Producer Price Index (PPI) measures the rate of inflation experienced by manufacturers. The reading represents the monthly change in the average price of a fixed basket of goods and services purchased by manufacturers. Higher inflation generally leads to higher interest rates, which tend to strengthen the country's currency.

The press conference will need to be watched closely.

The European Central Bank (ECB) Governing Council Interest Rate Statement is released shortly after a meeting in which the ECB, headed by Jean-Claude Trichet, makes a decision on where to set short-term interest rates (refinancing rate). The ECB focuses heavily on inflation, as their stated mission is to achieve price stability. They generally raises rates to fight rising inflation, and lower rates in the face of deflation or economic slowdown.

Measures the number of individuals who filed for unemployment insurance for the first time over the past week. A rising trend indicates a deteriorating labor market, which can weigh on the economy.

Measures the quarterly growth in labor efficiency for producing goods and services outside the farming sector. A rising trend indicates future inflationary pressures as manufacturers raise prices in response to an at-capacity factory environment.

Measures the quarterly growth in the labor cost of producing output. A rising trend indicates future inflationary pressures as the labor cost of producing goods rises.

Federal Reserve Governor Susan Schmidt Bies will speak in Washington, about risk management.

Measures the monthly change in total value of sales at the retail level. A rising trend indicates higher consumer spending, which is an important driver of the economy.

Measures the difference in value between total imports and total exports of goods. A positive reading means that more goods were exported than imported over the previous month. The Trade Balance has a sizable impact on GDP and at extremes can directly influence the country's currency value.

The Services Purchasing Manager's Index (PMI) measures the health of the services sector. It's derived from a monthly survey of purchasing managers where respondents indicate whether their organization's activity is higher than, the same as, or lower than the previous month for output, purchases, employment, inventories, orders, and prices. An index reading above 50 indicates sector expansion. PMI is believed to be a leading indicator because purchasing managers, by virtue of their jobs, have early access to data about their company’s performance.

A firm reading is likely for the index.

The Services Purchasing Manager's Index (PMI) measures the health of the services sector. It's derived from a monthly survey of purchasing managers where respondents indicate whether their organization's activity is higher than, the same as, or lower than the previous month for output, purchases, employment, inventories, orders, and prices. An index reading above 50 indicates sector expansion. PMI is believed to be a leading indicator because purchasing managers, by virtue of their jobs, have early access to data about their company’s performance.

The Services Purchasing Manager's Index (PMI) measures the health of the services sector. It's derived from a monthly survey of purchasing managers where respondents indicate whether their organization's activity is higher than, the same as, or lower than the previous month for output, purchases, employment, inventories, orders, and prices. An index reading above 50 indicates sector expansion. PMI is believed to be a leading indicator because purchasing managers, by virtue of their jobs, have early access to data about their company’s performance.

Measures the monthly change in total value of sales at the retail level. A rising trend indicates higher consumer spending, which is an important driver of the economy.

Seasonal factors should help produce a strong figure.

Measures the number of new jobs created in the previous month. Employment growth will generally strengthen a country's currency, as it is one of the most important indicators of economy health.

Measures the percentage of the total work force that is unemployed and actively seeking employment. Rising unemployment is a sign of a slowing economy.

Earnings data will be important for the Fed.

Measures the monthly change in the hourly rate paid to the jobholders indicated in nonfarm payrolls.

Measures consumer attitudes concerning both the present situation and future expectations. It's derived from a monthly 500-person survey conducted by the University of Michigan. Higher sentiment levels are a leading indicator of rising consumer spending, which accounts for a third of the economy.

Measure the monthly change in the value of manufacturer's new orders for goods. A rising trend indicates a growing economy. This report gives more in-depth information than the durable goods report released about two weeks earlier.

The Institute of Supply Management (ISM) Non-Manufacturing Index measures growth in various industries, including agriculture, mining, construction, transportation, communications, wholesale and retail trade. To produce the index, the ISM surveys 400 firms on employment, production, new orders, supplier deliveries, and inventories. A reading above 50 indicates an expanding services sector.

The Leading Economic Index is a composite of ten indicators that measure overall economic activity by considering factory workweek, new orders for consumer goods, new orders for nondefense capital goods, stock prices, initial jobless claims, vendor performance, building permits, money supply, consumer expectations.

The Coincident Index is a key gauge of overall economic conditions meant to indicate the current state of the economy.

The Retail Purchasing Manager's Index (PMI) measures the health of the retail sector. It's derived from a monthly survey of purchasing managers where respondents indicate whether their organization's activity is higher than, the same as, or lower than the previous month for output, purchases, employment, inventories, orders, and prices. An index reading above 50 indicates sector expansion. PMI is believed to be a leading indicator because purchasing managers, by virtue of their jobs, have early access to data about their company’s performance.

The Retail Purchasing Manager's Index (PMI) measures the health of the retail sector. It's derived from a monthly survey of purchasing managers where respondents indicate whether their organization's activity is higher than, the same as, or lower than the previous month for output, purchases, employment, inventories, orders, and prices. An index reading above 50 indicates sector expansion. PMI is believed to be a leading indicator because purchasing managers, by virtue of their jobs, have early access to data about their company’s performance.

Measures the monthly change in the value of manufacturer's new orders for goods. A rising trend indicates a growing economy.

Dallas Federal Reserve Bank President Richard Fisher will speak at the Institute of Economic Affairs conference, in London, about the US economy.

Measures the monthly change in total value of construction intentions. This data is a leading indicator for the construction industry since the issuance of a building permit is one of the first steps in the construction process.

Keynote speech delivered by the President on “Monetary policy and economic prospects in the eurozone” at the 23rd conference hosted by iea – The Institute of Economic Affairs on “The State of the Economy – Overcoming key challenges to sustainable economic growth” in London, United Kingdom. The text will be made available on the ECB's website after delivery.

The Ivey Purchasing Manager's Index (PMI) measures the value of purchases made by Canadian companies. It's derived from a monthly survey of purchasing managers where respondents indicate whether their organization's purchases were higher than, the same as, or lower than the previous month. The 175 survey participants are carefully selected geographically and by sector of activity to match the Canadian economy as a whole. An index reading above 50 indicates expansion. PMI is believed to be a leading indicator because purchasing managers, by virtue of their jobs, have early access to data about their company’s performance.

Measures the monthly change in total value of sales at the retail level. A rising trend indicates higher consumer spending, which is an important driver of the economy.