Forex Calendar at Thu - 13 Dec 2007

Forex Calendar for Tomorrow Thu - 13 Dec 2007

Time(GMT):	Currency:	Event:	Forecast:	Previous:
12:01am	GBP	RICS House Price Balance	-28.5%	-22.2%
H O T	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.
8:30am	CHF	Interest Rate Statement	2.75%	2.75%
H O T	Four times per year the Swiss National Bank (SNB) Governing Board meets to set the nation's short term interest rate (i.e., "three-month libor"). Shortly after the meeting they release a statement that contains the decided rate, a brief commentary of the economic conditions that effected their decision, and most importantly, clues regarding the outcome of future meetings. A rising trend in interest rates has a positive effect on the nation's currency. Short term 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. High interest rates attract foreigners looking for the best "risk-free" return on their money, which can dramatically increases demand for the nation's currency. The decision on where to set interest rates depends mostly on inflation. 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.
11.00am	GBP	CBI Industrial Trends Orders	4	8
H O T	The Confederation of British Industry (CBI) Industrial Trends Orders measures the value of new purchase orders placed with domestic manufacturers. A rising trend has a positive effect on the nation's currency. A busy manufacturing industry is a positive sign that the economy is expanding, and this survey points to how busy manufacturers will be in the months to come as they work to fill new orders.
1:30pm	USD	Core Retail Sales m/m	0.6%	0.2%
H O T	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.
1:30pm	USD	PPI m/m	1.6%	0.1%
H O T	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.
1:30pm	CAD	Labor Productivity q/q	0.1%	0.2%
	Measures the annualized quarterly growth in labor efficiency for producing goods and services outside the farming sector. A falling trend has a positive effect on the nation's currency because a decrease in efficiency is comparable to an increase in wages. 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.
11:50pm	JPY	Tankan Large Manufacturers Index	21	23
H O T	Measures the general business conditions of large manufacturers. The index is derived from a quarterly survey that asks respondents to rate subjects such as general business conditions, supply and demand conditions for products and inventories, prices, sales, and employment conditions. A rising trend has a positive effect on the nation's currency. The Tankan is released four times per year and is one of the nation's most respected gauges of economic health because manufacturers play a vital role in the large export industry. Traders pay special attention to the Tankan survey because it's one of the few growth indicators that is produced directly by the Bank of Japan.