Measures the number of new 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.

Measures the total value of output produced by factories, mines, and utilities. A rising trend has a positive effect on the nation's currency because high levels of production are a sign of a strong economy. Industrial Production reacts quickly to the ups and downs of the business cycle and can predict manufacturing employment, average earnings, and personal income.

Measures the monthly growth in outstanding consumer installment credit, including mortgages. It gives insight into the state of consumer finances and can act as a leading indicator of consumer spending.

Measures the mood of businesses in regard to economic expectations. It's derived from a monthly survey of 1,500 businesses conducted by the National Bank of New Zealand.

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.

Richmond Federal Reserve President Jeffrey Lacker will speak about monetary policy, in Baltimore Maryland. Audience questions expected.

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.

The Personal Consumption Expenditures (PCE) Price Index measures the rate of inflation experienced by consumers. Like CPI, it reflects the price change in consumer goods and services. PCE differs slightly from CPI in that it only measures goods and services targeted towards and consumed by individuals. Traders watch the PCE Price Index closely because it's the Federal Reserve's preferred consumer inflation indicator.

A core figure above 0.2% would revive underlying inflation fears.

Derivative of the PCE Price Index that excludes the Food and Energy items. Food and Energy account for roughly 25% of PCE, but they can be very volatile from month to month and can distort the overal picture. PCE with the exclusion of these volatile components is thought to be a better indicator of the underlying inflation trend.

The Manufacturing Purchasing Manager's Index (PMI) is a measure of purchasing manager sentiment throughout Japan. The report is released monthly by NTC Research on behalf of Nomura. The PMI has earned a reputation for accurately reflecting the true health of the Japanese manufacturing economy well ahead of official data. A rise in PMI indicates that business conditions in the manufacturing sector have improved.

Measures the percentage of the total work force that is unemployed and actively seeking employment. A falling trend has a positive effect on the nation's currency because unemployed persons are a drag on consumer spending. Although consumer spending is important, the unemployment rate usually draws little attention because traders view it as a lagging indicator.

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

Measures the monthly change in the cash paid to jobholders.

The central bank's governing body, the Bank of Japan (BOJ) Monetary Policy Committee, releases an Interest Rate Statement each month. The statement contains the latest decision regarding changes to the nation's short term interest rate ("overnight call rate"). A rising trend has a positive effect on the nation's currency. Short term interest rates are the paramount factor in currency valuation; traders look at most other indicators merely to predict how interest rates may change in the future. What makes interest rates so important is that high rates attract foreigners looking for the best "risk-free" return on their money, which significantly increases demand for the nation's currency. The primary objective of the central bank is to achieve price stability; when inflation rises above an annualized rate of approximately 2%, they will respond by raising interest rates in an attempt to bring prices down. This is what makes inflation-predicting indicators so important. Traders know that rising prices will lead the central bank to raise interest rates, which ultimately leads to a more valuable currency.

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

Measures the monthly change in the average price for a house in the UK. It serves as a leading inflation indicator for the housing market.

Measures the total value of sales at the retail level. A rising trend has a positive effect on the nation's currency. Consumer spending makes up a large portion of GDP, and Retail Sales makes up one-third of consumer spending. This indicator is usually the first of the month that relates to consumer behavior, making it susceptible to big surprises.

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 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 Consumer Price Index (CPI) measures the rate of inflation experienced by consumers. A rising trend has a positive effect on the nation's currency. The primary objective of the central bank is to achieve price stability; when inflation rises above an annualized rate of approximately 2%, they will respond by raising interest rates to bring prices down. Higher interest rates attract foreign investment, thus increasing demand for the nation's currency. CPI is one of the most closely watched indicators and will usually have a high impact upon release.

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. GfK, a leading German market research company, publishes this indicator monthly. Higher readings point to higher consumer optimism. When consumers are optimistic they tend to purchase more goods and services, which stimulates the economy.

Gross Domestic Product (GDP) measures the total value of all goods and services produced by the economy. A rising trend has a positive effect on the nation's currency. GDP is the broadest measure of economic activity and considered to be the primary gauge of an economy's health. To foreign investors, a strong economy is viewed favorably because it spurs investment opportunities in the domestic stock and bond markets. A strong economy also persuades the central bank to raise interest rates in an attempt to control growth. All of this activity will increase demand for the nation'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.

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.

The Manufacturing Purchasing Manager's Index (PMI) measures the activity level of purchasing managers in the manufacturing sector, with a reading above 50 indicating expansion. A rising trend has a positive effect on the nation's currency. To produce the index, purchasing managers are surveyed on a number of subjects including employment, production, new orders, supplier deliveries, and inventories. Traders watch these surveys closely because purchasing managers, by virtue of their jobs, have early access to data about their company’s performance, which can be a leading indicator of economic performance.

Measures the number of new 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.

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

The Schweizerischer Verband für Materialwirtschaft und Einkauf (SVME) Purchasing Manager's Index (PMI) measures the health of the economy. 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 activity level of purchasing managers in the manufacturing sector, with a reading above 50 indicating expansion. A rising trend has a positive effect on the nation's currency. To produce the index, purchasing managers are surveyed on a number of subjects including employment, production, new orders, supplier deliveries, and inventories. Traders watch these surveys closely because purchasing managers, by virtue of their jobs, have early access to data about their company’s performance, which can be a leading indicator of economic performance.

Measures the number of new jobs created in the previous month, excluding the farming industry. ADP, a leading provider of employment solutions for businesses, releases this indicator two days before the highly anticipated official Nonfarm Employment Change. ADP claims that this indicator has predictive value in regard to official statistics, but it hasn't yet gained acclaim from traders due to it's short history.

Measures the monthly change in value of new construction projects.

The Institute of Supply Management (ISM) Manufacturing Index measures the activity level of purchasing managers in the manufacturing sector, with a reading above 50 indicating expansion. A rising trend has a positive effect on the nation's currency. To produce the index, purchasing managers are surveyed on a number of subjects including employment, production, new orders, supplier deliveries, and inventories. Traders watch these surveys closely because purchasing managers, by virtue of their jobs, have early access to data about their company’s performance, which can be a leading indicator of economic performance.

The Institute of Supply Management (ISM) Manufacturing Price Index measures the monthly inflation experienced by manufacturing organizations when purchasing materials and services. The ISM surveys 400 firms to produce this index.

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 Chairman Ben Bernanke will give a keynote address at the annual Opportunity Finance Network Conference, in Washington.

When Bernanke speaks traders look for clues on how he plans to adjust interest rates at the next Federal Reserve meeting. Because these clues can sometimes be obscure, the market tends to experience heavy volatility during his speeches.

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 difference in value between imported and exported goods and services. A positive Trade Balance indicates that more goods and services were exported than imported. A rising trend has a positive effect on the nation's currency. As higher levels of exports are sold to the world, demand for the nation's currency is elevated as foreigners convert their native currency to purchase these exports. The Trade Balance also has a sizable impact on GDP because high demand for exports creates increased employment and production as domestic factories work to fill this foreign demand.

Measures the total value of sales at the retail level. A rising trend has a positive effect on the nation's currency. Consumer spending makes up a large portion of GDP, and Retail Sales makes up one-third of consumer spending. This indicator is usually the first of the month that relates to consumer behavior, making it susceptible to big surprises.

The Consumer Price Index (CPI) measures the rate of inflation experienced by consumers. A rising trend has a positive effect on the nation's currency. The primary objective of the central bank is to achieve price stability; when inflation rises above an annualized rate of approximately 2%, they will respond by raising interest rates to bring prices down. Higher interest rates attract foreign investment, thus increasing demand for the nation's currency. CPI is one of the most closely watched indicators and will usually have a high impact upon release.

Measures the percentage of the total work force that is unemployed and actively seeking employment. A falling trend has a positive effect on the nation's currency because unemployed persons are a drag on consumer spending. Although consumer spending is important, the unemployment rate usually draws little attention because traders view it as a lagging indicator.

The Manufacturing Purchasing Manager's Index (PMI) measures the activity level of purchasing managers in the manufacturing sector, with a reading above 50 indicating expansion. A rising trend has a positive effect on the nation's currency. To produce the index, purchasing managers are surveyed on a number of subjects including employment, production, new orders, supplier deliveries, and inventories. Traders watch these surveys closely because purchasing managers, by virtue of their jobs, have early access to data about their company’s performance, which can be a leading indicator of economic performance.

The Chartered Institute of Purchasing and Supply (CIPS) Construction Purchasing Manager's Index (PMI) measures the activity level of purchasing managers in the construction sector, with a reading above 50 indicating expansion. A rising trend has a positive effect on the nation's currency. To produce the index, purchasing managers are surveyed on a number of subjects including employment, production, new orders, supplier deliveries, and inventories. Traders watch these surveys closely because purchasing managers, by virtue of their jobs, have early access to data about their company’s performance, which can be a leading indicator of economic performance.

The European Central Bank (ECB) Governing Council releases an Interest Rate Statement each month. The statement contains the latest decision regarding changes to the euro area's short term interest rate ("minimum bid rate"). A rising trend has a positive effect on the nation's currency. Short term interest rates are the paramount factor in currency valuation; traders look at most other indicators merely to predict how interest rates may change in the future. What makes interest rates so important is that high rates attract foreigners looking for the best "risk-free" return on their money, which significantly increases demand for the nation's currency. The primary objective of the central bank is to achieve price stability; when inflation rises above an annualized rate of approximately 2%, they will respond by raising interest rates in an attempt to bring prices down. This is what makes inflation-predicting indicators so important. Traders know that rising prices will lead the central bank to raise interest rates, which ultimately leads to a more valuable currency.

Markets will be looking for clues on 2007 policy

European Central Bank (ECB) President Jean-Claude Trichet will speak at a press conference following the Governing Council's meeting in Frankfurt. The ECB Interest Rate Statement is void of commentary, so traders usually focus on Trichet's post-release press conference for clues about future rate decisions. Because these clues can sometimes be obscure, the market tends to experience heavy volatility during this press conference.

Measures the annualized 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.

A strong figure would increase wage inflation fears.

Measures the annualized quarterly growth in the cost of labor. A rising trend indicates inflationary pressures in the labor market.

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 value of new purchase orders placed with domestic manufacturers for durable and non-durable goods. Factory Orders tend to have a low impact because it reports much of the same information contained in the Durable Goods Orders report released over a week earlier.

Dallas Federal Reserve President Richard Fisher will address the New York Association for Business Economics, in New York.

Federal Reserve Governor Susan Schmidt Bies will speak about the economic outlook, in Des Moines Iowa. Audience questions expected.

Japanese financial markets will be closed in observance of Culture Day. Culture Day (bunka no hi) is a day for promotion of culture and the love for freedom and peace. On this day, schools and the government award certain persons for their special, cultural activities.

The Services Purchasing Manager's Index (PMI) measures the activity level of purchasing managers in the services sector, with a reading above 50 indicating expansion. A rising trend has a positive effect on the nation's currency. To produce the index, purchasing managers are surveyed on a number of subjects including employment, production, new orders, supplier deliveries, and inventories. Traders watch these surveys closely because purchasing managers, by virtue of their jobs, have early access to data about their company’s performance, which can be a leading indicator of economic performance.

The Services Purchasing Manager's Index (PMI) measures the activity level of purchasing managers in the services sector, with a reading above 50 indicating expansion. A rising trend has a positive effect on the nation's currency. To produce the index, purchasing managers are surveyed on a number of subjects including employment, production, new orders, supplier deliveries, and inventories. Traders watch these surveys closely because purchasing managers, by virtue of their jobs, have early access to data about their company’s performance, which can be a leading indicator of economic performance.

Measures the percentage of the total work force that is unemployed and actively seeking employment. A falling trend has a positive effect on the nation's currency because unemployed persons are a drag on consumer spending. Although consumer spending is important, the unemployment rate usually draws little attention because traders view it as a lagging indicator.

Measures the percentage of the total work force that is unemployed and actively seeking employment. A falling trend has a positive effect on the nation's currency because unemployed persons are a drag on consumer spending. Although consumer spending is important, the unemployment rate usually draws little attention because traders view it as a lagging indicator.

The manufacturing performance will be watched closely

Measures the number of new jobs created in the previous month. A rising trend has a positive effect on the nation's currency. The number of new jobs being created is one of the most important indicators of the economy's health because consumer spending, which is highly correlated with labor conditions, makes up a large portion of GDP. This report is the first of the month that relates to labor conditions, making it susceptible to big surprises.

Construction employment could have an important impact. Revisions will also need to be watched closely.

Measures the number of new jobs created in the previous month, excluding the farming industry. A rising trend has a positive effect on the nation's currency. The number of new jobs being created is one of the most important indicators of the economy's health because consumer spending, which is highly correlated with labor conditions, makes up a large portion of GDP. This report is the first of the month that relates to labor conditions, making it susceptible to big surprises.

Measures the percentage of the total work force that is unemployed and actively seeking employment. A falling trend has a positive effect on the nation's currency because unemployed persons are a drag on consumer spending. Although consumer spending is important, the unemployment rate usually draws little attention because traders view it as a lagging indicator.

The earnings data will be important for the Fed

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

Any figure near 50.0 would hurt the dollar.

The Institute of Supply Management (ISM) Non-Manufacturing Index measures the activity level of purchasing managers in the services sector, with a reading above 50 indicating expansion. A rising trend has a positive effect on the nation's currency. To produce the index, purchasing managers are surveyed on a number of subjects including employment, production, new orders, supplier deliveries, and inventories. Traders watch these surveys closely because purchasing managers, by virtue of their jobs, have early access to data about their company’s performance, which can be a leading indicator of economic performance.

The Institute of Supply Management (ISM) Non-Manufacturing Price Index measures the monthly inflation experienced by non-manufacturing organizations when purchasing materials and services. The ISM surveys 400 firms to produce this index.

Federal Reserve Governor Donald Kohn will speak to the American Bar Association, in Washington. Audience questions expected.

Federal Reserve Governor Randall Kroszner will speak about sovereign finance risks, in Mexico City. Audience questions expected.

Measures rate of inflation in the wages, salaries and benefits paid to civilian workers. A rising trend has a positive effect on the nation's currency. When businesses pay more for labor, they are likely to pass the higher costs to the consumer, so traders view wage inflation as a leading indicator of consumer inflation.

The Services Purchasing Manager's Index (PMI) measures the activity level of purchasing managers in the services sector, with a reading above 50 indicating expansion. A rising trend has a positive effect on the nation's currency. To produce the index, purchasing managers are surveyed on a number of subjects including employment, production, new orders, supplier deliveries, and inventories. Traders watch these surveys closely because purchasing managers, by virtue of their jobs, have early access to data about their company’s performance, which can be a leading indicator of overall economic performance.

The Services Purchasing Manager's Index (PMI) measures the activity level of purchasing managers in the services sector, with a reading above 50 indicating expansion. A rising trend has a positive effect on the nation's currency. To produce the index, purchasing managers are surveyed on a number of subjects including employment, production, new orders, supplier deliveries, and inventories. Traders watch these surveys closely because purchasing managers, by virtue of their jobs, have early access to data about their company’s performance, which can be a leading indicator of overall economic performance.

Measures the total value of output produced by factories, mines, and utilities. A rising trend has a positive effect on the nation's currency because high levels of production are a sign of a strong economy. Industrial Production reacts quickly to the ups and downs of the business cycle and can predict manufacturing employment, average earnings, and personal income.

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 Producer Price Index (PPI) measures the rate of inflation experienced by manufacturers when purchasing goods and services. A rising trend has a positive effect on the nation's currency. When manufactures pay more for goods and services, they are likely to pass the higher costs to the consumer, so PPI is thought to be a leading indicator of consumer inflation. PPI is highly regarded, and at extremes will have a market impact equal to that of its CPI counterpart.

Measures the value of new purchase orders placed with domestic manufacturers for hard goods with a life expectancy of more than 3 years, such as automobiles, computers, appliances, and airplanes.

Chicago Federal Reserve President Michael Moskow will speak to business leaders in Chicago. Audience questions expected.

Measures the number of new 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.

Chicago Federal Reserve President Michael Moskow will speak about the economy in Chicago. Audience questions expected.

The Ivey Purchasing Manager's Index (PMI) measures the activity level of purchasing managers from all sectors of the economy, with a reading above 50 indicating expansion. A rising trend has a positive effect on the nation's currency. To produce the index, purchasing managers are surveyed on a number of subjects including employment, production, new orders, supplier deliveries, and inventories. Traders watch these surveys closely because purchasing managers, by virtue of their jobs, have early access to data about their company’s performance, which can be a leading indicator of overall economic performance.

Cleveland Federal Reserve President Sandra Pianalto will speak about monetary policy and the economic outlook, in Pittsburgh Pennsylvania.

San Francisco Federal Reserve President Janet Yellen will speak about economics of governance, in Irvine California.

Measures the percentage of the total work force that is unemployed and actively seeking employment. A falling trend has a positive effect on the nation's currency. Working people tend to spend more, and consumer spending is a major driver of the economy. However, unemployment usually draws little attention because traders view it as a lagging indicator.

The Retail Purchasing Manager's Index (PMI) measures the activity level of purchasing managers in the retail sector, with a reading above 50 indicating expansion. A rising trend has a positive effect on the nation's currency. To produce the index, purchasing managers are surveyed on a number of subjects including employment, production, new orders, supplier deliveries, and inventories. Traders watch these surveys closely because purchasing managers, by virtue of their jobs, have early access to data about their company’s performance, which can be a leading indicator of overall economic performance.

Measures the total value of sales at the retail level. A rising trend has a positive effect on the nation's currency. Consumer spending makes up a large portion of GDP, and Retail Sales makes up one-third of consumer spending. This indicator is usually the first of the month that relates to consumer behavior, making it susceptible to big surprises.

Measures the total value of output produced by factories, mines, and utilities. A rising trend has a positive effect on the nation's currency because high levels of production are a sign of a strong economy. Industrial Production reacts quickly to the ups and downs of the business cycle and can predict manufacturing employment, average earnings, and personal income.

The British Retail Consortium (BRC) Retail Monitor measures changes in the value of retail sales from participating retailers.

Midterm Elections will be held to select one-third of the US Senate and 435 members of the House of Representatives, as well as many state and local officials.

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.

An increase to 6.25% is fully priced in

Australia's central bank, the Reserve Bank of Australia (RBA), releases an Interest Rate Statement on the first Tuesday of the month. The statement contains the latest decision regarding changes to the nation's short term interest rate ("cash rate"), a brief report of the economic conditions that effected their decision, and most importantly, clues on what the next rate decision will be. A rising trend has a positive effect on the nation's currency. Short term interest rates are the paramount factor in currency valuation; traders look at most other indicators merely to predict how interest rates may change in the future. What makes interest rates so important is that high rates attract foreigners looking for the best "risk-free" return on their money, which significantly increases demand for the nation's currency. The primary objective of the central bank is to achieve price stability; when inflation rises above an annualized rate of approximately 2%, they will respond by raising interest rates in an attempt to bring prices down. This is what makes inflation-predicting indicators so important. Traders know that rising prices will lead the central bank to raise interest rates, which ultimately leads to a more valuable currency.

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.

Measures overall economic health by combining twelve indicators, with a reading above 50 indicating expansion.

Measures the difference in value between imported and exported goods and services. A positive Trade Balance indicates that more goods and services were exported than imported. A rising trend has a positive effect on the nation's currency. As higher levels of exports are sold to the world, demand for the nation's currency is elevated as foreigners convert their native currency to purchase these exports. The Trade Balance also has a sizable impact on GDP because high demand for exports creates increased employment and production as domestic factories work to fill this foreign demand.

Measures the difference in value between imported and exported goods, services, income flows, and unilateral transfers. The Current Account is a comprehensive accounting of the nation's trade with other countries. A rising trend has a positive effect on the nation's currency. The Current Account includes the previously reported Trade Balance (which covers trade of goods and services), so the market's focus for this indicator is on the income flows and unilateral transfers.

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

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.

Chicago Federal Reserve President Michael Moskow will speak about the economic outlook at the Ball State Business Forecasting Roundtable Outlook, in Muncie Indiana.

Measures the percentage of the total work force that is unemployed and actively seeking employment. A falling trend has a positive effect on the nation's currency. Working people tend to spend more, and consumer spending is a major driver of the economy. However, unemployment usually draws little attention because traders view it as a lagging indicator.

Measures the growth in number of employed persons. A rising trend has a positive effect on the nation's currency. The number of new jobs being created is one of the most important indicators of the economy's health because consumer spending, which is highly correlated with labor conditions, makes up a large portion of GDP. This report is the first of the month that relates to labor conditions, making it susceptible to big surprises.

Measures the annual change in currency outstanding. Higher levels of currency are viewed as deflationary and can have a devaluing effect on the currency. M2+CD is calculated as follows:

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

Measures the number of new jobs created in the previous month. A rising trend has a positive effect on the nation's currency. The number of new jobs being created is one of the most important indicators of the economy's health because consumer spending, which is highly correlated with labor conditions, makes up a large portion of GDP. This report is the first of the month that relates to labor conditions, making it susceptible to big surprises.

Measures the percentage of the total work force that is unemployed and actively seeking employment. A falling trend has a positive effect on the nation's currency. Working people tend to spend more, and consumer spending is a major driver of the economy. However, unemployment usually draws little attention because traders view it as a lagging indicator.

Measures the mood of businesses that directly service consumers, such as barbers, taxi drivers, and waiters. A reading above 50 signals an improvement in sentiment.

Measures the annual change in the value of new orders place for machine tools, which includes capital goods that are used in the production of many such products as motor vehicles and their parts, electrical products, aircrafts and their parts, and dyes and molds.

Measures the difference in value between imported and exported goods and services. A positive Trade Balance indicates that more goods and services were exported than imported. A rising trend has a positive effect on the nation's currency. As higher levels of exports are sold to the world, demand for the nation's currency is elevated as foreigners convert their native currency to purchase these exports. The Trade Balance also has a sizable impact on GDP because high demand for exports creates increased employment and production as domestic factories work to fill this foreign demand.

Assuming rates are increased the statement will be important

The central bank's governing body, the Bank of England (BOE) Monetary Policy Committee, releases an Interest Rate Statement each month. The statement contains the latest decision regarding changes to the nation's short term interest rate ("Bank rate"). A rising trend has a positive effect on the nation's currency. Short term interest rates are the paramount factor in currency valuation; traders look at most other indicators merely to predict how interest rates may change in the future. What makes interest rates so important is that high rates attract foreigners looking for the best "risk-free" return on their money, which significantly increases demand for the nation's currency. The primary objective of the central bank is to achieve price stability; when inflation rises above an annualized rate of approximately 2%, they will respond by raising interest rates in an attempt to bring prices down. This is what makes inflation-predicting indicators so important. Traders know that rising prices will lead the central bank to raise interest rates, which ultimately leads to a more valuable currency.

Oil imports will again be an important factor.

Measures the difference in value between imported and exported goods and services. A positive Trade Balance indicates that more goods and services were exported than imported. A rising trend has a positive effect on the nation's currency. As higher levels of exports are sold to the world, demand for the nation's currency is elevated as foreigners convert their native currency to purchase these exports. The Trade Balance also has a sizable impact on GDP because high demand for exports creates increased employment and production as domestic factories work to fill this foreign demand.

Industrial export levels will be watched closely

Measures the difference in value between imported and exported goods and services. A positive Trade Balance indicates that more goods and services were exported than imported. A rising trend has a positive effect on the nation's currency. As higher levels of exports are sold to the world, demand for the nation's currency is elevated as foreigners convert their native currency to purchase these exports. The Trade Balance also has a sizable impact on GDP because high demand for exports creates increased employment and production as domestic factories work to fill this foreign demand.

The New Housing Price Index (NHPI) measures monthly changes in the selling prices of new residential houses. The NHPI is used as the inflation measure of new home construction.

Measures the number of individuals who filed for unemployment insurance for the first time over the past week. A falling trend has a positive effect on the nation's currency. Working people tend to spend more, and consumer spending is a major driver of the economy. However, unemployment usually draws little attention because traders view it as a lagging indicator.

Measures the monthly rate of inflation for imported goods.

The Fourth ECB Central Banking Conference, “The role of money: Money and monetary policy in the twenty-first century,” will begin in Frankfurt Germany. This two-day conference will host a number of policy makers and economists from around the world.

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 monthly change in total value of inventory at the wholesale level.

Measures overall economic health by combining ten indicators including average weekly hours, new orders, consumer expectations, housing permits, stock prices, and interest rate spreads. The Leading Index is published monthly by The Conference Board, a private US research group, but traders tend to pay little attention because the components that make up the index are reported at an earlier date.

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

The Wholesale Price Index (WPI) measures the rate of inflation experienced at the wholesale level. The reading represents the monthly change in the average price of a fixed basket of goods and services purchased at the wholesale level.

The Organization for Economic Co-operation and Development (OECD) Composite Leading Indicators (CLI) measures overall economic health by combining a number of indicators. Traders tend to pay little attention because the components that make up the index are reported at an earlier date.

Optimism over the economy would offer some dollar support

Federal Reserve Chairman Ben Bernanke will participate in a monetary policy panel discussion at the ECB Central Banking Conference in Frankfurt.

Markets will look to see if Trichet makes any comments on Euro strength.

European Central Bank (ECB) President Jean-Claude Trichet will participate in a monetary policy panel discussion at the ECB Central Banking Conference in Frankfurt.

European Central Bank (ECB) President Jean-Claude Trichet will give closing remarks at the ECB Central Banking Conference in Frankfurt.

The Corporate Goods Price Index (CGPI) measures the rate of inflation experienced by corporations when purchasing goods. A rising trend has a positive effect on the nation's currency because when businesses pay more for goods, they are likely to pass the higher costs to the consumer.

Measures the monthly rate of inflation for imported goods.

Measures the difference in value between imported and exported goods and services. A positive Trade Balance indicates that more goods and services were exported than imported. A rising trend has a positive effect on the nation's currency. As higher levels of exports are sold to the world, demand for the nation's currency is elevated as foreigners convert their native currency to purchase these exports. The Trade Balance also has a sizable impact on GDP because high demand for exports creates increased employment and production as domestic factories work to fill this foreign demand.

The Australian Reserve Bank (RBA) Quarterly Statement on Monetary Policy qualitatively and quantitatively assess current economic conditions, prospects for inflation, and output growth.

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 purchasing goods and services. A rising trend has a positive effect on the nation's currency. When manufactures pay more for goods and services, they are likely to pass the higher costs to the consumer, so PPI is thought to be a leading indicator of consumer inflation. PPI is highly regarded, and at extremes will have a market impact equal to that of its CPI counterpart.

The Producer Price Index (PPI) Output measures the rate of inflation experienced by manufacturers when selling goods and services. Manufacturers are unlikely to pass Output inflation to the consumer, so it has much less market impact than its PPI Input counterpart.

European Central Bank (ECB) President Jean-Claude Trichet will give a keynote speech on “SEPA in the context of European Integration” at the conference “SEPA-Opportunities by change” during the 9th Euro Finance Week organised by the Maleki Group, in Frankfurt Germany.

The Producer Price Index (PPI) Input measures the rate of inflation experienced by manufacturers when purchasing goods and services. A rising trend has a positive effect on the nation's currency. When manufactures pay more for goods and services, they are likely to pass the higher costs to the consumer, so PPI is thought to be a leading indicator of consumer inflation. PPI is highly regarded, and at extremes will have a market impact equal to that of its CPI counterpart.

The Producer Price Index (PPI) Output measures the rate of inflation experienced by manufacturers when selling goods and services. Manufacturers are unlikely to pass Output inflation to the consumer, so it has much less market impact than its PPI Input counterpart.

The markets are positioned for a disappointing figure.

Gross Domestic Product (GDP) measures the total value of all goods and services produced by the economy. A rising trend has a positive effect on the nation's currency. GDP is the broadest measure of economic activity and considered to be the primary gauge of an economy's health. To foreign investors, a strong economy is viewed favorably because it spurs investment opportunities in the domestic stock and bond markets. A strong economy also persuades the central bank to raise interest rates in an attempt to control growth. All of this activity will increase demand for the nation's currency.

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

National Australia Bank (NAB) Business Confidence measures the mood of domestic firms in non-farm sectors. The indicator is derived from a survey of around 350 small to large sized companies.

Gross Domestic Product (GDP) measures the total value of all goods and services produced by the economy. A rising trend has a positive effect on the nation's currency. GDP is the broadest measure of economic activity and considered to be the primary gauge of an economy's health. To foreign investors, a strong economy is viewed favorably because it spurs investment opportunities in the domestic stock and bond markets. A strong economy also persuades the central bank to raise interest rates in an attempt to control growth. All of this activity will increase demand for the nation's currency.

The Consumer Price Index (CPI) measures the rate of inflation experienced by consumers when purchasing goods and services. A rising trend has a positive effect on the nation's currency. The primary objective of the central bank is to achieve price stability; when inflation rises above an annualized rate of approximately 2%, they will respond by raising interest rates to bring prices down. Higher interest rates attract foreign investment, thus increasing demand for the nation's currency. CPI is one of the most closely watched indicators and will usually have a high impact upon release.

The Consumer Price Index (CPI) measures the rate of inflation experienced by consumers when purchasing goods and services. A rising trend has a positive effect on the nation's currency. The primary objective of the central bank is to achieve price stability; when inflation rises above an annualized rate of approximately 2%, they will respond by raising interest rates to bring prices down. Higher interest rates attract foreign investment, thus increasing demand for the nation's currency. CPI is one of the most closely watched indicators and will usually have a high impact upon release.

Derivative of the Consumer Price Index (CPI) that excludes the volatile Food, Energy, Alcohol and Tobacco items. CPI with the exclusion of these volatile components is thought to be a better indicator of the underlying inflation trend and the central bank uses it as their primary inflation gauge, aiming to keep it at an annualized rate of 2%.

Lower energy prices could help trigger a stronger report

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.

Gross Domestic Product (GDP) measures the total value of all goods and services produced by the economy. A rising trend has a positive effect on the nation's currency. GDP is the broadest measure of economic activity and considered to be the primary gauge of an economy's health. To foreign investors, a strong economy is viewed favorably because it spurs investment opportunities in the domestic stock and bond markets. A strong economy also persuades the central bank to raise interest rates in an attempt to control growth. All of this activity will increase demand for the nation's currency.

Energy costs should trigger another monthly drop in prices

The Producer Price Index (PPI) measures the rate of inflation experienced by manufacturers when purchasing goods and services. A rising trend has a positive effect on the nation's currency. When manufactures pay more for goods and services, they are likely to pass the higher costs to the consumer, so PPI is thought to be a leading indicator of consumer inflation. PPI is highly regarded, and at extremes will have a market impact equal to that of its CPI counterpart.

The data has been erratic over the past two months

Derivative of the Producer Price Index (PPI) that excludes the Food and Energy items. Although Food and Energy can be very volatile from month to month, they play an important role in pass-through inflation. Therefore Core PPI usually has less impact than the overall PPI.

Measures the total value of sales at the retail level. A rising trend has a positive effect on the nation's currency. Consumer spending makes up a large portion of GDP, and Retail Sales makes up one-third of consumer spending. This indicator is usually the first of the month that relates to consumer behavior, making it susceptible to big surprises.

The figure excluding gasoline will be important

Derivative of Retail Sales that excludes the Automobile Sales component. Automobile Sales make up roughly 25% of Retail Sales, but they can be very volatile from month to month and can distort the picture. Retail Sales with the exclusion of this volatile component is thought to be a better indicator of the underlying trend in consumer spending.

St. Louis Federal Reserve President William Poole will speak to the Chartered Financial Analysts Society, in Philadelphia Pennsylvania.

A dip in sales of more than 0.5% would cause substantial damage to the New Zealand dollar.

Measures the total value of sales at the retail level. A rising trend has a positive effect on the nation's currency. Consumer spending makes up a large portion of GDP, and Retail Sales makes up one-third of consumer spending. This indicator is usually the first of the month that relates to consumer behavior, making it susceptible to big surprises.

The Westpac Melbourne Institute (WMI) Consumer Sentiment 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.

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.

The Wage Price Index (WPI) measures the rate of inflation in the wages paid to workers. A rising trend has a positive effect on the nation's currency. When businesses pay more for labor, they are likely to pass the higher costs to the consumer, so traders view wage inflation as a leading indicator of consumer inflation.

Measures the quarterly change in the average price of residential properties.

Measures the change in the number of people claiming unemployment related benefits over the previous month. A falling trend has a positive effect on the nation's currency. Working people tend to spend more, and consumer spending is a major driver of the economy. However, unemployment usually draws little attention because traders view it as a lagging indicator.

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.

Measures the percentage of the total work force that is unemployed and actively seeking employment. A falling trend has a positive effect on the nation's currency. Working people tend to spend more, and consumer spending is a major driver of the economy. However, unemployment usually draws little attention because traders view it as a lagging indicator.

Measures the total value of output produced by factories, mines, and utilities. A rising trend has a positive effect on the nation's currency because high levels of production are a sign of a strong economy. Industrial Production reacts quickly to the ups and downs of the business cycle and can predict manufacturing employment, average earnings, and personal income.

The inflation forecasts will be important for interest rate expectations.

The Bank of England (BOE) Quarterly Inflation Report sets out the detailed economic analysis and inflation projections on which the Bank's Monetary Policy Committee bases its interest rate decisions, and presents an assessment of the prospects for UK inflation over the following two years.

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.

Manufacturing Shipments is a measure of the monthly change in value of Canadian manufacturers' shipments.

The correlation with the national index has been weak ove the past few months.

Measures the activity 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.

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.

The minutes should show Fed vigilance on inflation.

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 Royal Institution of Chartered Surveyors (RICS) House Price Balance measures the price change of homes in the UK. This leading indicator represents the percentage of chartered surveyors reporting a price rise in their designated area. For instance, a reading of 50% means that 50% more surveyors reported a rise than reported a fall in prices.

Measures the change in average weekly earnings for all wage and salary earners over the last quarter.

The central bank's governing body, the Bank of Japan (BOJ) Monetary Policy Committee, releases an Interest Rate Statement each month. The statement contains the latest decision regarding changes to the nation's short term interest rate ("overnight call rate"). A rising trend has a positive effect on the nation's currency. Short term interest rates are the paramount factor in currency valuation; traders look at most other indicators merely to predict how interest rates may change in the future. What makes interest rates so important is that high rates attract foreigners looking for the best "risk-free" return on their money, which significantly increases demand for the nation's currency. The primary objective of the central bank is to achieve price stability; when inflation rises above an annualized rate of approximately 2%, they will respond by raising interest rates in an attempt to bring prices down. This is what makes inflation-predicting indicators so important. Traders know that rising prices will lead the central bank to raise interest rates, which ultimately leads to a more valuable currency.

Bank of Japan (BOJ) Governor Toshihiko Fukui will speak at a press conference following the Monetary Policy Committee meeting in Tokyo. The BOJ Interest Rate Statement is void of commentary, so traders usually focus on Fukui's post-release press conference for clues about future rate decisions.

Measures the total value of sales at the retail level. A rising trend has a positive effect on the nation's currency. Consumer spending makes up a large portion of GDP, and Retail Sales makes up one-third of consumer spending. This indicator is usually the first of the month that relates to consumer behavior, making it susceptible to big surprises.

The Consumer Price Index (CPI) measures the rate of inflation experienced by consumers when purchasing goods and services. A rising trend has a positive effect on the nation's currency. The primary objective of the central bank is to achieve price stability; when inflation rises above an annualized rate of approximately 2%, they will respond by raising interest rates to bring prices down. Higher interest rates attract foreign investment, thus increasing demand for the nation's currency. CPI is one of the most closely watched indicators and will usually have a high impact upon release.

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.

The Consumer Price Index (CPI) measures the rate of inflation experienced by consumers when purchasing goods and services. A rising trend has a positive effect on the nation's currency. The primary objective of the central bank is to achieve price stability; when inflation rises above an annualized rate of approximately 2%, they will respond by raising interest rates to bring prices down. Higher interest rates attract foreign investment, thus increasing demand for the nation's currency. CPI is one of the most closely watched indicators and will usually have a high impact upon release.

The core figure will be important for the Federal Reserve

Derivative of the Consumer Price Index (CPI) that excludes the Food and Energy items. Food and Energy account for roughly 25% of CPI, but they can be very volatile from month to month and can distort the overall picture. CPI with the exclusion of these volatile components is thought to be a better indicator of the underlying inflation trend.

Measures the number of individuals who filed for unemployment insurance for the first time over the past week. A falling trend has a positive effect on the nation's currency. Working people tend to spend more, and consumer spending is a major driver of the economy. However, unemployment usually draws little attention because traders view it as a lagging indicator.

A figure below US$30bn would unsettle the dollar

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.

Federal Reserve Governor Randall Kroszner will give the keynote address at the Cato Institute annual monetary policy conference, in Washington.

Utility output changes will be important

Measures the total value of output produced by factories, mines, and utilities. A rising trend has a positive effect on the nation's currency because high levels of production are a sign of a strong economy. Industrial Production reacts quickly to the ups and downs of the business cycle and can predict manufacturing employment, average earnings, and personal income.

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.

St. Louis Federal Reserve President William Poole will participate in the Cato Institute panel on the Fed's role in responding to financial crises, in Washington DC.

Federal Reserve Governor Susan Schmidt Bies will speak at the EU/US retail banking forum, in Washington DC.

Chicago Federal Reserve President Michael Moskow will speak about the economic outlook at the American Business Media meeting, in Chicago.

Another negative figure would be a big setback for the dollar

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.

The National Association of Home Builders (NAHB) Housing Market Index (HMI) combines several factors including present sales of new homes, sales of new homes expected in the next six months, and traffic of prospective buyers in new homes. The NAHB produces the index through a survey in which respondents are asked to rate the general economy and housing market conditions.

Reserve Bank of Australia (RBA) Head of International Dr. Guy Debelle will speak about the Australian foreign exchange market, in Sydney.

Measures the number of new jobs created in the previous quarter, excluding the farming industry. A rising trend has a positive effect on the nation's currency. The number of new jobs being created is one of the most important indicators of the economy's health because consumer spending, which is highly correlated with labor conditions, makes up a large portion of GDP.

Measures the difference in value between imported and exported goods and services. A positive Trade Balance indicates that more goods and services were exported than imported. A rising trend has a positive effect on the nation's currency. As higher levels of exports are sold to the world, demand for the nation's currency is elevated as foreigners convert their native currency to purchase these exports. The Trade Balance also has a sizable impact on GDP because high demand for exports creates increased employment and production as domestic factories work to fill this foreign demand.

Any monthly recovery would boost confidence in a controlled US slowdown.

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

Measures the number of new 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.

G-20 finance ministers and central bankers will begin their meeting at the Melbourne Australia summit, where they will discuss the global economic outlook and changes to the International Monetary Fund's quota system.

Measures the monthly change in the average asking price of residential properties. Rightmove, the UK's leading property website, publishes this indicator in the same month the data is collected, making it a leading indicator of inflation in the housing sector.

Following the G20 meeting, central bankers will meet at the BIS (Bank for International Settlements) forum, in Sydney Australia. Central bankers from the Federal Reserve, ECB, RBNZ, and BOJ are expected to make speeches and talk to reporters.

The Producer Price Index (PPI) measures the rate of inflation (i.e., the rate of price changes) experienced by manufacturers when purchasing goods and services. A rising trend has a positive effect on the nation's currency. When manufactures pay more for goods and services, they are likely to pass the higher costs to the consumer, so PPI is thought to be a leading indicator of consumer inflation. PPI is highly regarded, and at extremes will have a market impact equal to that of its CPI counterpart.

Measures the amount by which public sector expenditure exceeds income for both current and capital transactions. The "public sector" is the part of the economy that includes central government, local government and public corporations. It gives insight into the state of consumer finances and can act as a leading indicator of consumer spending.

Measures the monthly change in currency outstanding. Higher levels of currency are viewed as deflationary and can have a devaluing effect on the currency. M4 Money Supply is calculated as M0 + UK residents' bank deposits + deposits made by the private sector.

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

Measures overall economic health by combining ten indicators including average weekly hours, new orders, consumer expectations, housing permits, stock prices, and interest rate spreads. The Leading Index is published monthly by The Conference Board, a private US research group, but traders tend to pay little attention because the components that make up the index are reported at an earlier date.

Dallas Federal Reserve President Richard Fisher will speak about the German economic situation, in Berlin Germany.

Measures the number short-term overseas visitors who arrive in the country and stay for less than one year.

Measures the number of new vehicles sold in the previous month. New vehicle sales are a good indicator of trends in consumer spending.

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.

Measures the difference in value between imported and exported goods and services. A positive Trade Balance indicates that more goods and services were exported than imported. A rising trend has a positive effect on the nation's currency. As higher levels of exports are sold to the world, demand for the nation's currency is elevated as foreigners convert their native currency to purchase these exports. The Trade Balance also has a sizable impact on GDP because high demand for exports creates increased employment and production as domestic factories work to fill this foreign demand.

European Central Bank (ECB) President Jean-Claude Trichet will speak at the EMEAP/Eurosystem High-level Seminar jointly organised by the European Central Bank and Reserve Bank of New Zealand in Sydney, Australia.

Reserve Bank of New Zealand (RBNZ) Governor Alan Bollard will speak at the EMEAP/Eurosystem High-level Seminar jointly organised by the European Central Bank and Reserve Bank of New Zealand in Sydney, Australia.

The Producer Price Index (PPI) measures the rate of inflation (i.e., the rate of price changes) experienced by manufacturers when purchasing goods and services. A rising trend has a positive effect on the nation's currency. When manufactures pay more for goods and services, they are likely to pass the higher costs to the consumer, so PPI is thought to be a leading indicator of consumer inflation. PPI is highly regarded, and at extremes will have a market impact equal to that of its CPI counterpart.

A further deterioration in the survey would cause Sterling concern.

The Confederation of British Industry (CBI) Industrial Trends Orders measures the level of new orders placed with manufacturers.

Measures the total value of sales at the retail level. A rising trend has a positive effect on the nation's currency. Consumer spending makes up a large portion of GDP, and Retail Sales makes up one-third of consumer spending. This indicator is usually the first of the month that relates to consumer behavior, making it susceptible to big surprises.

Derivative of Retail Sales that excludes the Automobile Sales component. Automobile Sales make up roughly 25% of Retail Sales, but they can be very volatile from month to month and can distort the picture. Retail Sales with the exclusion of this volatile component is thought to be a better indicator of the underlying trend in consumer spending.

Measures overall economic health by combining ten indicators including average weekly hours, new orders, consumer expectations, housing permits, stock prices, and interest rate spreads.

Federal Reserve Governor Kevin Warsh will speak about market discipline at the New York Stock Exchange. Audience questions expected.

Measures the difference in value between imported and exported goods and services. A positive Trade Balance indicates that more goods and services were exported than imported. A rising trend has a positive effect on the nation's currency. As higher levels of exports are sold to the world, demand for the nation's currency is elevated as foreigners convert their native currency to purchase these exports. The Trade Balance also has a sizable impact on GDP because high demand for exports creates increased employment and production as domestic factories work to fill this foreign demand.

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

More than one dissenting vote would tend to undermine 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.

Measures the monthly change in value of future deliveries to be provided by a producer to a third party. This leading indicator points to how busy producers will be in following months as they work to fill the orders.

The Consumer Price Index (CPI) measures the rate of inflation (i.e., the rate of price changes) experienced by consumers when purchasing goods and services. A rising trend has a positive effect on the nation's currency. The primary objective of the central bank is to achieve price stability; when inflation rises above an annualized rate of approximately 2%, they will respond by raising interest rates to bring prices down. Higher interest rates attract foreign investment, thus increasing demand for the nation's currency. CPI is one of the most closely watched indicators and will usually have a high impact upon release.

A figure above 0.3% would revive pressure for higher interest rates

Derivative of the Consumer Price Index (CPI) that excludes the eight most volatile items, including fruit, fruit preparations and nuts, vegetables and vegetable preparations, mortgage interest costs, natural gas, fuel oil and other fuel, gasoline, inter-city transportation, and tobacco products and smokers' supplies. CPI with the exclusion of these volatile components is thought to be a better indicator of the underlying inflation trend and the central bank uses it as their primary inflation gauge, aiming to keep it at an annualized rate of 2%.

Measures the number of individuals who filed for unemployment insurance for the first time over the past week. A falling trend has a positive effect on the nation's currency. Working people tend to spend more, and consumer spending is a major driver of the economy. However, unemployment usually draws little attention because traders view it as a lagging indicator.

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.

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.

Japanese financial markets will be closed in observance of Labour Thanksgiving Day.

Gross Domestic Product (GDP) measures the total value of all goods and services produced by the economy. A rising trend has a positive effect on the nation's currency. GDP is the broadest measure of economic activity and considered to be the primary gauge of an economy's health. To foreign investors, a strong economy is viewed favorably because it spurs investment opportunities in the domestic stock and bond markets. A strong economy also persuades the central bank to raise interest rates in an attempt to control growth. All of this activity will increase demand for the nation's currency.

Measures the number of full and part-time employees working in the previous quarter. A rising trend has a positive effect on the nation's currency. The number of new jobs being created is one of the most important indicators of the economy's health because consumer spending, which is highly correlated with labor conditions, makes up a large portion of GDP.

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).

Measures the difference in value between imported and exported goods, services, income flows, and unilateral transfers. The Current Account is a comprehensive accounting of the nation's trade with other countries. A rising trend has a positive effect on the nation's currency. The Current Account includes the previously reported Trade Balance (which covers trade of goods and services), so the market's focus for this indicator is on the income flows and unilateral transfers.

The Forex market as a whole will be open, but your broker may close for a period, especially if they are US based. This creates a situation where you could have an open position in the 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.

US financial markets will be closed in observance of Thanksgiving Day.

Measures the difference in value between imported and exported goods and services. A positive Trade Balance indicates that more goods and services were exported than imported. A rising trend has a positive effect on the nation's currency. As higher levels of exports are sold to the world, demand for the nation's currency is elevated as foreigners convert their native currency to purchase these exports. The Trade Balance also has a sizable impact on GDP because high demand for exports creates increased employment and production as domestic factories work to fill this foreign demand.

The Consumer Price Index (CPI) measures the rate of inflation (i.e., the rate of price changes) experienced by consumers when purchasing goods and services. A rising trend has a positive effect on the nation's currency. The primary objective of the central bank is to achieve price stability; when inflation rises above an annualized rate of approximately 2%, they will respond by raising interest rates to bring prices down. Higher interest rates attract foreign investment, thus increasing demand for the nation's currency. CPI is one of the most closely watched indicators and will usually have a high impact upon release.

Gross Domestic Product (GDP) measures the total value of all goods and services produced by the economy. A rising trend has a positive effect on the nation's currency. GDP is the broadest measure of economic activity and considered to be the primary gauge of an economy's health. To foreign investors, a strong economy is viewed favorably because it spurs investment opportunities in the domestic stock and bond markets. A strong economy also persuades the central bank to raise interest rates in an attempt to control growth. All of this activity will increase demand for the nation's currency.

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

Bank of Japan (BOJ) Governor Toshihiko Fukui will meet with local business executives in Osaka and speak at an event held by Osaka University.

Bank of Japan (BOJ) Governor Toshihiko Fukui will speak at a press conference held by Osaka Universiy.

Measures the mood of businesses in regard to economic expectations. It's derived from a monthly survey of 1,500 businesses conducted by the National Bank of New Zealand.

Measures the annual change in total value of sales at the retail level. A rising trend has a positive effect on the nation's currency. Consumer spending makes up a large portion of GDP, and Retail Sales makes up one-third of consumer spending. This indicator is usually the first of the month that relates to consumer behavior, making it susceptible to big surprises.

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

Bank of Japan (BOJ) Governor Toshihiko Fukui will speak at a press conference in Nagoya.

Reserve Bank of Australia (RBA) Head of Economic Analysis Dr. Tony Richards will give a speach about 'Measuring Underlying Inflation', in Sydney.

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. GfK, a leading German market research company, publishes this indicator monthly. Higher readings point to higher consumer optimism. When consumers are optimistic they tend to purchase more goods and services, which stimulates the economy.

Measures private consumption trends by considering new car sales, business conditions in the retail sector, the number of overnight hotel stays, the consumer sentiment index, and certain credit card transactions. UBS publishes this indicator monthly, leading official statistics by up to three months.

Measures the annual change in currency outstanding. Higher levels of currency are viewed as deflationary and can have a devaluing effect on the currency . M3 Money Supply is calculated as follows:

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

There will be a sharp headline drop as transport orders decline.

Measures the value of new purchase orders placed with domestic manufacturers for hard goods with a life expectancy of more than 3 years, such as automobiles, computers, appliances, and airplanes. A rising trend has a positive effect on the nation's currency. While most indicators tell what happened in the past, Durable Goods Orders paints a picture of the future. It uncovers how busy manufacturers will be in the months to come as they work to fill new orders, and a busy manufacturing industry is a positive sign that the economy is expanding.

Derivative of Durable Goods Orders that excludes the Transportation components. Orders for aircraft occur in periodic burst and can severely distort the underlying trend, so traders tend to focus more on this indicator than the overall Durable Goods Orders.

Recent confidence data has been weaker than expected.

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 annualized number of existing homes sold in the previous 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 manufacturers in the Richmond Federal Reserve District. The Richmond 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 Richmond Federal Reserve district.

Philadelphia Federal Reserve President Charles Plosser will speak about the economy, in Rochester New York. Audience questions expected.

A concentration on weakening growth would hurt the dollar.

Federal Reserve Chairman Ben Bernanke will speak to members of the National Italian American Foundation, in New York.

Measures the number of new 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.

Measures the total value of output produced by factories, mines, and utilities. A rising trend has a positive effect on the nation's currency because high levels of production are a sign of a strong economy. Industrial Production reacts quickly to the ups and downs of the business cycle and can predict manufacturing employment, average earnings, and personal income.

Measures the quarterly change in building and engineering construction work done. The reading is derived from the quarterly Building Activity Survey.

Measures the difference in value between imported and exported goods and services. A positive Trade Balance indicates that more goods and services were exported than imported. A rising trend has a positive effect on the nation's currency. As higher levels of exports are sold to the world, demand for the nation's currency is elevated as foreigners convert their native currency to purchase these exports. The Trade Balance also has a sizable impact on GDP because high demand for exports creates increased employment and production as domestic factories work to fill this foreign demand.

Measures the monthly growth in outstanding consumer installment credit, including mortgages. It gives insight into the state of consumer finances and can act as a leading indicator of consumer spending.

Measures overall economic activity through a qualitative business survey about developments in the recent past, the current situation and expectations for the next three to six months. Survey questions relate to production, orders and stocks of finished goods. The Swiss Institute for Business Cycle Research (KOF) publishes this indicator monthly.

The Industrial Product Price Index (IPPI) measures the rate of inflation for goods as they are leaving the plant gate. Unlike other inflation measures, the IPPI excludes indirect taxes and all costs that occur between the time a good leaves the plant and the time the final user takes possession of it, such as transportation, wholesale, and retail costs.

Measures the difference in value between imported and exported goods, services, income flows, and unilateral transfers. The Current Account is a comprehensive accounting of the nation's trade with other countries. A rising trend has a positive effect on the nation's currency. The Current Account includes the previously reported Trade Balance (which covers trade of goods and services), so the market's focus for this indicator is on the income flows and unilateral transfers.

Housing investment will be important

Gross Domestic Product (GDP) measures the total value of all goods and services produced by the economy. A rising trend has a positive effect on the nation's currency. GDP is the broadest measure of economic activity and considered to be the primary gauge of an economy's health. To foreign investors, a strong economy is viewed favorably because it spurs investment opportunities in the domestic stock and bond markets. A strong economy also persuades the central bank to raise interest rates in an attempt to control growth. All of this activity will increase demand for the nation's currency.

The Gross Domestic Product (GDP) Deflator measures the annualized quarterly 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.

New York Federal Reserve President Timothy Geithner will speak about the securities industry, in New York.

The prices trend will also be important

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

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.

European Central Bank (ECB) President Jean-Claude Trichet will speak at the 18th Jean Monnet Memorial Lecture, in London.

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 total value of sales at the retail level. A rising trend has a positive effect on the nation's currency. Consumer spending makes up a large portion of GDP, and Retail Sales makes up one-third of consumer spending. This indicator is usually the first of the month that relates to consumer behavior, making it susceptible to big surprises.

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

Small Business Confidence measures the mood of Japanese small businesses. Higher indicator readings point to higher optimism. When small businesses are optimistic, they tend to spend more, therefore strengthening the country's currency.

The Consumer Price Index (CPI) measures the rate of inflation (i.e., the rate of price changes) experienced by consumers when purchasing goods and services. A rising trend has a positive effect on the nation's currency. The primary objective of the central bank is to achieve price stability; when inflation rises above an annualized rate of approximately 2%, they will respond by raising interest rates to bring prices down. Higher interest rates attract foreign investment, thus increasing demand for the nation's currency. CPI is one of the most closely watched indicators and will usually have a high impact upon release.

Measures the percentage of the total work force that is unemployed and actively seeking employment. A falling trend has a positive effect on the nation's currency. Working people tend to spend more, and consumer spending is a major driver of the economy. However, unemployment usually draws little attention because traders view it as a lagging indicator.

The Consumer Price Index (CPI) measures the rate of inflation (i.e., the rate of price changes) experienced by consumers when purchasing goods and services. A rising trend has a positive effect on the nation's currency. The primary objective of the central bank is to achieve price stability; when inflation rises above an annualized rate of approximately 2%, they will respond by raising interest rates to bring prices down. Higher interest rates attract foreign investment, thus increasing demand for the nation's currency. CPI is one of the most closely watched indicators and will usually have a high impact upon release.

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.

Gross Domestic Product (GDP) measures the total value of all goods and services produced by the economy. A rising trend has a positive effect on the nation's currency. GDP is the broadest measure of economic activity and considered to be the primary gauge of an economy's health. To foreign investors, a strong economy is viewed favorably because it spurs investment opportunities in the domestic stock and bond markets. A strong economy also persuades the central bank to raise interest rates in an attempt to control growth. All of this activity will increase demand for the nation'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. GfK, a leading German market research company, publishes this indicator monthly. Higher readings point to higher consumer optimism. When consumers are optimistic they tend to purchase more goods and services, which stimulates the economy.

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.

Gross Domestic Product (GDP) measures the total value of all goods and services produced by the economy. A rising trend has a positive effect on the nation's currency. GDP is the broadest measure of economic activity and considered to be the primary gauge of an economy's health. To foreign investors, a strong economy is viewed favorably because it spurs investment opportunities in the domestic stock and bond markets. A strong economy also persuades the central bank to raise interest rates in an attempt to control growth. All of this activity will increase demand for the nation's currency.

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.

The Fed watches the PCE data closely

Derivative of the PCE Price Index that excludes the Food and Energy items. Food and Energy account for roughly 25% of PCE, but they can be very volatile from month to month and can distort the overal picture. PCE with the exclusion of these volatile components is thought to be a better indicator of the underlying inflation trend.