Event at Thu - 6 December 2007

Time(GMT):	Currency:	Event:	Forecast:	Previous:
9:30am	GBP	Industrial Production n/n	0.2%	-0.4%
	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 be a leading indicator of manufacturing employment, average earnings, and personal income.
9:30am	GBP	Manufacturing Production m/m	0.2%	-0.6%
	Measures the total value of output produced by manufacturers. Manufacturing Production differs from Industrial Production in that it only measures the 13 sub-sectors of production that relate directly to manufacturing. Manufacturing industries make up about 80% of total Industrial Production.
12.00pm	GBP	Interest Rate Statement	5.75%	5.75%
	Each month the Bank of England (BOE) Monetary Policy Committee (MPC) votes on where to set the nation's short term interest rate (i.e., "bank rate"). Shortly after each vote, the MPC releases a statement that contains the outcome of their vote, a brief commentary of the economic conditions that effected their decision, and most importantly, clues regarding the outcome of future votes. 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.
12:45pm	EUR	Interest Rate Announcement	4.00%	4.00%
	Each month the European Central Bank (ECB) Governing Council meets to set the nation's short term interest rate (i.e., "minimum bid rate"). Shortly after the meeting they release a statement that contains the decided rate. While no commentary is provided, a press conference regarding the economic conditions that effected their decision is held a few hours afterward. 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.
1:30pm	USD	Unemployment Claims	335K	352K
	Measures the number of individuals who filed for unemployment insurance for the first time during the past week. A falling trend has a positive effect on the nation's currency because working people tend to spend more money, and consumer spending makes up a large portion of GDP. This weekly indicator produces very timely data, but traders generally view unemployment as a lagging indicator that gives little indication of the economy’s future performance.
1:30pm	CAD	Building Permits m/m	0.7%	-1.7%
	Measures the total value of new residential building permits issued. A rising trend has a positive effect on the nation's currency because obtaining a permit is one of the first steps in the home construction process. Permits therefore act as a leading indicator for the housing market. A high level of housing activity signals that the construction industry is healthy and that consumers have the capital to make large investments. More importantly, new housing activity creates an economic ripple effect as home owners buy goods such as appliances and furniture for their homes, and builders buy raw materials and hire more workers to meet demand.
1:30pm	EUR	ECB President Trichet Speaks
	European Central Bank (ECB) President Jean-Claude Trichet will hold a press conference in Frankfurt following the Governing Council's interest rate announcement. The ECB's announcement is void of commentary, so traders look to Trichet's press conference for clues on future monetary policy action. Heavy market volatility is often experienced during these press conferences as traders attempt to decipher Trichet's clues. As head of the central bank's governing body, which is responsible for setting the euro zone's short term interest rate, his speeches can sometimes cause market volatility as traders react to clues regarding future monetary policy.
3:00pm	CAD	Ivey PMI	55.0	57.1
	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.
4:00pm	CAD	BOC Advisor Carney Speaks
	Bank of Canada (BOC) Advisor Mark Carney will testify before the Standing Committee on Finance regarding his appointment as the Bank's next Governor. Carney will replace David Dodge as BOC Governor on February 1, 2008, and this testimony will give traders a "first look" at his monetary stance.
11:50pm	JPY	GDP q/q (r)	0.6%	0.6%
	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 activity and the primary gauge of the economy's health. To foreign investors, a strong economy is viewed favorably because it spurs investment opportunities in the domestic stock and bond markets. More importantly, the central bank is more likely to raise interest rates in the face of a strong and growing economy. The combination of these effects can have a large impact on the demand for the nation's currency.