Forex Calendar at Monday 10 Dec 2007

Forex Calendar for Tomorrow Mon - 10 Dec 2007

Time(GMT):	Currency:	Event:	Forecast:	Previous:
12:30am	AUD	Home Loans m/m	1.0%	-2.4%
H O T	Measures the number of commitments for owner occupied home financing. A rising trend has a positive effect on the nation's currency because large purchases tend to be made by consumers that are optimistic and confident in their financial position. Additionally, consumer borrowing has a high degree of historical correlation with consumer spending, which is a major driver of the overall economy.
5:00am	JPY	Eco Watchers Survey	41.1	41.5
	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.
7:00am	EUR	German Trade Balance	16.8B	18.1B
	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 over a given period. A rising trend has a positive effect on the nation's currency. When 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 the 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 demand.
9:30am	GBP	PPI Input m/m	1.4%	1.8%
H O T	The Producer Price Index (PPI) Input 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.
9:30pm	EUR	Sentix Investor Confidence	12.5	14.0
	Measures investor confidence towards the Euro-zone economy. A rising trend has a positive effect on the nation's currency because it suggest that funds are more likely to invest in European securities, which tends to strengthen the economy.
1:15pm	CAD	Housing Starts	220K	228K
H O T	Measures the annualized number of new residential buildings that began construction during the previous month. A rising trend has a positive effect on the nation's currency because the housing market is a leading gauge for the overall economy. 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.
3:00pm	USD	Pending Home Sales m/m	-1.0%	0.2%
H O T	Measures the number of signed real estate contracts for existing single-family homes, condos and co-ops. An index of 100 is equal to the average level of contract activity during 2001.
5:00pm	CAD	BOC Governor Dodge Speaks
H O T	Bank of Canada (BOC) Governor David Dodge will speak at the Empire Club of Canada, in Toronto. As head of the central bank's governing body, which is responsible for setting the nation's short term interest rate, his speeches can sometimes cause market volatility as traders react to clues regarding future monetary policy.

Event at Fri - 7 December 2007

Time(GMT):	Currency:	Event:	Forecast:	Previous:
12:01am	GBP	NIESR GDP Estimate		0.7%
	The National Institute of Economic and Social Research (NIESR) Gross Domestic Product (GDP) Estimate is a prediction for the past month's official GDP using statistical projection techniques. NIESR is one of the UK's oldest independent economic research institutes and their estimates are widely reported in the press.
7:45am	EUR	French Government Budget Balance		-51.7B
	Measures the difference between the central government's monthly income and spending. A positive number indicates more revenue was received than spent during the month.
12.00pm	CAD	Employment Change	8.0K	63.0K
H O T	Measures the change in number of employed people during the previous month. A rising trend has a positive effect on the nation's currency. Job creation is an important indicator of economic 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.
12:00pm	CAD	Unemployment Rate	5.9%	5.8%
	Measures the percentage of total work force that is unemployed and actively seeking employment during the previous month. 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 indicator doesn’t garner as much attention it's job-creation counterpart because traders generally view unemployment as a lagging indicator that gives little indication of the economy’s future performance.
1:30pm	USD	Nonfarm Employment Change	75K	166K
H O T	Measures the change in number of employed people during the previous month, excluding the farming industry. A rising trend has a positive effect on the nation's currency. Job creation is an important indicator of economic 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.
1:30pm	USD	Unemployment Rate	4.8%	4.7%
H O T	Measures the percentage of total work force that is unemployed and actively seeking employment during the previous month. 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 indicator doesn’t garner as much attention it's job-creation counterpart because traders generally view unemployment as a lagging indicator that gives little indication of the economy’s future performance.
1:30pm	USD	Average Hourly Earnings m/m	0.3%	0.2%
	Measures the rate of inflation found in the wages paid to nonfarm jobholders. 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.
3:00pm	USD	Consumer Sentiment (p)	75.0	76.1
H O T	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 two-thirds of the economy.

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.