Measures the annual change in sales value and volume of Japan's largest retailers.

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.

The Forex market as a whole will be open, 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. Forex volume should be very light.

UK Markets will be closed in observance of the Spring Bank Hoiday.

The Forex market as a whole will be open, 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. Forex volume should be very light.

US Markets will be closed in observance of Memorial Day.

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 annual change in average personal income received from all sources.

Measures the annual change in the level of expenditure per household. Higher readings are a positive sign for the economy, as consumer spending accounts for half of Japan's GDP.

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

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 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 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 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.

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.

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.

Measures the annual change in the number of new single-family homes or buildings constructed.

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 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.

The Consumer Price Index (CPI) measures the rate of inflation experienced by consumers. The reading represents the annual estimated 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.

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. GfK, a leading German market research company, publishes this indicator monthly.

New York Federal Reserve President Timothy Geithner will speak at the Financial Services Forum, in New York.

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 National Association of Purchasing Managers (NAPM) Chicago Purchasing Manager's Index (PMI) measures the health of the Chicago business environment. 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 Fed split would be damaging for the dollar.

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.

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.

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

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 European Commission's twice-annual Gross Domestic Product (GDP) Forecasts cover the euro area and the EU as a whole, the individual EU Member States, acceding and candidate countries, and other major economies outside the EU. These are short-term projections of the main macroeconomic variables over the next two years.

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 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 monthly change in value of new construction projects.

The dollar will now be more vulnerable on a weak reading

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 Energy Information Administration's (EIA) Crude Oil Inventories measures the weekly increase in barrels of commercial crude oil held in inventory by US firms. The level of inventories influences the price of petroleum products, which can have an impact on inflation and other economic forces.

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.

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 consumers. Higher inflation generally leads to higher interest rates, which tend to strengthen the country's currency.

Some recovery from April levels is likely.

Measures the number of new jobs created in the previous month, excluding the farming industry. 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 very important for the Fed.

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

Measures 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 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 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.

Suggestions of a pause in tightening from Bernanke would hurt the dollar.

Federal Reserve Chairman Ben Bernanke, European Central Bank President Jean-Claude Trichet and Bank of Japan Deputy Governor Toshiro Muto speak at the American Bankers Association's International Monetary Conference in Washington DC.

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 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 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.

Federal Reserve Governor Susan Schmidt Bies will speak about risk management at a Western bankers conference, in Coronado, California. Audience questions expected.

Kansas City Federal Reserve Bank President Thomas Hoenig will speak about monetary policy at the economic outlook board of directors luncheon at the bank's Denver branch. Audience questions expected.

Rates should be left unchanged

The Reserve Bank of Australia (RBA) Interest Rate Statement is released shortly after a meeting in which the RBA makes a decision on where to set short-term interest rates (interest rate on overnight loans in the money market). The RBA 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.

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.

Measures overall economic activity 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 and consumer expectations.

Measures present relative economic activity. A rising Coincident Index signals an expansion phase while a falling reading is a sign of a contraction phase.

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

Former Federal Reserve Chairman Alan Greenspan will testify before the Senate on oil and the US economy.

The Energy Information Administration's (EIA) Crude Oil Inventories measures the weekly increase in barrels of commercial crude oil held in inventory by US firms. The level of inventories influences the price of petroleum products, which can have an impact on inflation and other economic forces.

Atlanta Federal Reserve President Jack Guynn will speak about the US economic outlook, in Atlanta, Georgia. Audience questions expected.

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.

Measures the annual change in Japan's outstanding currency. Higher levels of currency can have a devaluing effect on the Yen. M2+CD is calculated as follows:

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

Broad Liquidity is a monetary measure comprised of M2 + CDs, postal savings, deposits of the Shinkumi Federation Bank etc., money in trust, money deposited other than money in trust, investment trusts, bank debentures, commercial papers issued by financial institutions, repurchase agreement and securities lending with cash collateral transactions, government bonds, and foreign bonds.

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 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 timely and important indicators of economic health.

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

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.

There will be speculation over a 0.5% interest rate increase.

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.

Federal Reserve Governor Donald Kohn Testifies regarding his nomination as Vice Chairman.

Bank of Canada Deputy Governor Tiff Macklem will speak at the Lunenburg Board of Trade about the "Role of the Exchange Rate in Canada's Monetary Policy Framework."

European Central Bank President Jean-Claude Trichet will speak at the International Conference “Central banks in the 21st century” in Madrid, to commemorate the 150th anniversary of Banco de España.

Measures the monthly change in value of new orders placed with machine manufacturers.

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.

Monthly data will remain erratic

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.

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

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 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 timely and important indicators of economic health.

A significant monthly deterioration is likely.

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.

Measures the monthly rate of inflation for imported goods.

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.

Federal Reserve Chairman Ben Bernanke will speak at the commencement ceremony of the Massachusetts Institute of Technology (MIT), in Cambridge, Massachusetts.

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 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.

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.

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.

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.

Cleveland Federal Reserve Bank President Sandra Pianalto will speak about monetary policy at a conference in Orlando, Florida. Audience questions expected.

Dallas Federal Reserve Bank President Richard Fisher will speak about global policy at the University of Texas, in Austin, Texas. Audience questions expected.

Federal Reserve Governor Mark Olson will speak about banking regulations at a bankers conference in Lake Buena Vista, Florida. Audience questions expected.

Federal Reserve Governor Susan Schmidt Bies will speak about risk management at the Financial Women's Association conference, in Washington. Audience questions expected.

Federal Reserve Chairman Ben Bernanke will speak about risk management to Stonier Graduate School of Banking students, at Georgetown University in Washington DC. Audience questions expected

An annual rate above 2.0% would cause problems for the BOE

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.

Zentrum für Europäische Wirtschaftsforschung (ZEW) Economic Sentiment measures institutional investor sentiment. The monthly indicator reflects the difference between the share of investors 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.

Zentrum für Europäische Wirtschaftsforschung (ZEW) Economic Sentiment measures institutional investor sentiment. The monthly indicator reflects the difference between the share of investors 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.

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 data will be crucial for the Fed.

This will be of great importance because the Fed is so inflation sensitive right now. A low number here, coupled with a low number on the next day's CPI, could mean a pause for the Fed. Similarly, a high number would put the next rate hike in the "guaranteed" catagory.

Derivative of the Producer Price Index (PPI) that excludes the volatile Food and Energy items.

Gasoline sales will be important

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.

Federal Reserve Chairman Ben Bernanke will speak about consumer issues at the leaders conference, in Washington. Audience questions expected.

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.

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 underlying rate above 0.3% would ensure a further interest rate increase.

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

Measures monthly sales of new motor vehicles by unit of sales and value, by type (passenger cars, commercial vehicles) and country of origin. Data is released for Canada and the ten provinces.

Measures the value of all filled manufacturing orders over the previous month. The reading is derived from the Monthly Survey of Manufacturing (MSM).

The Energy Information Administration's (EIA) Crude Oil Inventories measures the weekly increase in barrels of commercial crude oil held in inventory by US firms. The level of inventories influences the price of petroleum products, which can have an impact on inflation and other economic forces.

Federal Reserve Governor Susan Schmidt Bies will speak at the Mortgage Bankers Association conference in Half Moon Bay, California. Audience questions expected.

Dallas Federal Reserve Bank President Richard Fisher will speak about the US economy at a luncheon in Corpus Christi, Texas.

European Central Bank President Jean-Claude Trichet will speak at the International Policy Forum organised by Club de Paris on the occasion of their 50th anniversary in Paris, France.

Provides a look at how regional Federal Reserve branches view the economy in their area. 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.

Measures the monthly change in production activity in Japan's service industries. Traders watch this indicator closely, as a rising trend generally leads to higher overall economic growth.

There is an outside chance that the BOJ raises rates during this meeting, and if they do it will send the yen flying. The time listed for this event is tentative so watch for changes.

The Bank of Japan (BOJ) Interest Rate Statement is released shortly after a meeting in which the BOJ Monetary Policy Committee, 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 data will remain vulnerable to sharp monthly fluctuations.

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.

A downward revision would tend to weaken the Euro.

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.

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 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.

Official bond buying levels will be watched closely.

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.

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

This is the last piece of important inflation data the Fed will get before the next meeting. Capacity Utilization is an indicator that is produced by the Fed, and it has been extremely hawkish lately. The Fed's upper limit comfort zone is around 80%, we have now been above that for 6 months. Another reading above 81% would mean another rate hike.

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.

Measures the mood of manufacturers in the Philadelphia Federal Reserve District. The Philadelphia Fed conducts a monthly survey that asks 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.

Federal Reserve Chairman Ben Bernanke will speak about energy to the Economic Club of Chicago. Audience questions expected.

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

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

St. Louis Federal Reserve Bank President William Poole will speak at a conference in Seoul, South Korea.

The income account will be important for longer-term trends.

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.

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.

Federal Reserve Governor Donald Kohn will take part in a panel discussion on policy recommendations at the Boston Federal Reserve Bank conference. Audience questions expected.

Federal Reserve Governor Randall Kroszner to speak to the Institute of International Bankers, in New York. Audience questions expected.

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.

Measures the value of domestic securities, debt and assets purchased by foreigners in the previous month. Strong demand tends to strengthen the Canadian dollar as foreigners convert their money in order to purchase Canadian securities.

Measures the monthly change in total value of sales at the wholesale level.

Atlanta Federal Reserve Bank President Jack Guynn will speak about the economic outlook, in Naples, Florida. Audience questions expected.

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

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 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 eight most volatile items.

A further slowdown would cause difficulties for the Fed.

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

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.

European Central Bank President Jean-Claude Trichet will speak at the Quarterly Testimony before the Committee on Economic and Monetary Affairs of the European Parliament, in Brussels, Belgium.

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.

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.

Derivative of Retail Sales that excludes the volatile Automobile Sales component.

Measures overall economic activity by combining ten indicators that lead cyclical activity in the economy and together represent all major categories of Gross Domestic Product (GDP).

The Energy Information Administration's (EIA) Crude Oil Inventories measures the weekly increase in barrels of commercial crude oil held in inventory by US firms. The level of inventories influences the price of petroleum products, which can have an impact on inflation and other economic forces.

Bank of Canada Governor David Dodge will speak about global economic forces at the Board of Trade of Metropolitan Montreal and Federation in Montreal, QC.

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.

Adds data from the primary sector (including fishing, farming, forestry, mining, and manufacturing) to the Tertiary Industry Index.

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.

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 overall economic activity 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.

Cleveland Federal Reserve Bank President Sandra Pianalto will speak at a banking conference, in Cleveland, Ohio.

The data is erratic on a monthly view, capital investment levels will be watched closely.

Measures the monthly increase in new purchase orders placed with domestic manufacturers for hard goods. The reading points to how busy manufacturers will be in the months to come as they work to fill the orders.

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.

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.

Measures the number of newly constructed homes sold in the previous month.

Measures the monthly rate of inflation for imported goods.

A bigger than expected drop would unsettle the Euro.

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.

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.

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.

Measures the annual change in sales value and volume of Japan's largest retailers.

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 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. GfK, a leading German market research company, publishes this indicator monthly.

The Confederation of British Industry (CBI) Distributive Trades Survey measures short-term trends in the UK retail and wholesale distribution sectors. The survey reading is a respected barometer of trade as it tracks optimism, employment, prices, investment and stocks.

The Energy Information Administration's (EIA) Crude Oil Inventories measures the weekly increase in barrels of commercial crude oil held in inventory by US firms. The level of inventories influences the price of petroleum products, which can have an impact on inflation and other economic forces.

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

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 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

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 Fed will continue to watch inflation trends very closely.

The Gross Domestic Product (GDP) Deflator measures the implied rate of inflation for all economic activity. The deflator is used to calculate the difference between nominal and real GDP. The Federal Reserve takes special note of this indicator because it is the economy's broadest measure of inflation.

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.

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 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.

European Central Bank President Jean-Claude Trichet will speak at the 57th Annual Meeting of the ifo-Institute in Munich, Germany.

Bank of Canada (BOC) Senior Deputy Governor Paul Jenkins will speak about monetary policy, in Ottawa, ON.

The Fed statement will be important for the dollar.

The Federal Open Market Committee (FOMC) Interest Rate Statement is released shortly after a meeting in which the FOMC, headed by Ben Bernanke, 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 percentage of the total work force that is unemployed and actively seeking employment. Rising unemployment is a sign of a slowing economy.

Measures the annual change in the level of expenditure per household. Higher readings are a positive sign for the economy, as consumer spending accounts for half of Japan's GDP.

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 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. Higher inflation generally leads to higher interest rates, which tend to strengthen the country's currency. 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 high figure would virtually ensure a July BOJ tightening

This indicator is a derivative of the Tokyo Consumer Price Index (CPI) that excludes the volatile fresh food items. It tends to have a greater 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.

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.

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.

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.

The Business Climate Indicator measures the mood of firms in the Eurozone. The indicator is derived through a monthly survey of businesses. A high reading will indicate that the surveys points to a healthy cyclical situation. A rise in the indicator will point to an upswing in activity and an improvement in the business climate.

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.

Only a low figure would dampen expectations of higher Euro rates.

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.

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. GfK, a leading German market research company, publishes this indicator monthly.

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 two thirds of GDP and therefore a rising trend generally strengthens a country's currency.

A high inflation figure would revive expectations of an August rate increase.

Personal Consumption Expenditures (PCE) Core measures the rate of inflation experienced by consumers. Like CPI, it reflects the monthly price change in consumer goods and services. PCE differs from CPI in that it only measures goods and services targeted towards and consumed by individuals. PCE is one of the Federal Reserve's favorite inflation indicators and is watched closely by traders.

The National Association of Purchasing Managers (NAPM) Chicago Purchasing Manager's Index (PMI) measures the health of the Chicago business environment. 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 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.

Measures the condition of large manufacturers in Japan. The Bank of Japan (BOJ) releases this indicator four times per year to provide an accurate picture of business trends. The Tankan Survey, which asks respondents about issues such as business conditions, supply and demand conditions for products and inventories, prices, sales, corporate profits, fixed investments and production capacity, and employment conditions, is one of the country's most respected gauges of economic welfare.

Measures the condition of service-based firms in Japan. The Bank of Japan (BOJ) releases this indicator four times per year to provide an accurate picture of business trends in the services sector.

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.

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.

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 monthly change in value of new construction projects.

The disappointing Chicago data has increased pressure on the national figure.

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. This report is important because it is the first economic data to be released for the previous month.

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.

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 Forex market as a whole will be open, 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. Forex volume should be very light.

US Markets will be closed in observance of Independence Day.

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.

There is a 5% chance of a rate increase.

The Reserve Bank of Australia (RBA) Interest Rate Statement is released shortly after a meeting in which the RBA makes a decision on where to set short-term interest rates (interest rate on overnight loans in the money market). The RBA 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 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 prices component will be important.

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.

Measures 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.