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Economic calendar

15 March 2010, Monday

	Currency	Value	Event	Prev.	Forecast	Real
23:01	GBP	average	Rightmove House Price Index (MoM)	3.2%		0.1%
The Rightmove House Price Index provides a sample of residential property prices in the UK. It shows the strength of the UK housing market, which can be considered as the economy as a whole due to property prices' sensitivity to changes in the business cycle. Generally speaking, a high reading is seen as positive, or bullish for the GBP, while a low reading is seen as negative, or bearish.
23:01	GBP	average	Rightmove House Price Index (YoY)	6.1%		5.3%
The Rightmove House Price Index provides a sample of residential property prices in the UK. It shows the strength of the UK housing market, which can be considered as the economy as a whole due to property prices' sensitivity to changes in the business cycle. Generally speaking, a high reading is seen as positive, or bullish for the GBP, while a low reading is seen as negative, or bearish.
04:00	JPY	low	Consumer Confidence	37.9		40
The Consumer Confidence released by the Cabinet Office captures the level of sentiment that individuals have in economic activity. A high level of consumer confidence stimulates economic expansion while a low level drives to economic downturn. Normally, a result above 50 is positive (or bullish) for the JPY, whereas a result below 50 is seen as bearish.
04:00	JPY	low	Consumer Confidence Households	39	40.6	39.8
The Consumer Confidence released by the Cabinet Office captures the level of confidence that house holds have in economic activity. A high level of consumer confidence stimulates economic expansion while a low level drives to economic downturn. Normally, a result above 50 is positive (or bullish) for the JPY, whereas a result below 50 is seen as bearish.
04:00	JPY	low	Tokyo Condominium Sales (YoY)	-9.9%		10.7%
The Tokyo Condominium Sales released by the Japan Real Estate Institute present changes in the value of condominiums sold in Tokyo. As Tokyo is the capital city of Japan, this report serves as an indicator for the health of the overall Japanese Housing Market. Generally speaking, a high reading is seen as positive (or bearish) for the JPY, while a low reading is seen as negative, or bearish.
07:15	CHF	low	Producer and Import Prices (YoY)	-1.3%	-0.6%	-1%
The Producer and Import Prices is an indicator of consumer price inflation provided by the Federal Statistical Office. The higher the cost of imported goods, the stronger the effect they will have on inflation, redunding in a higher probability of a rate rise by the SNB. Generally, a high reading should be taken as positive, or bullish, for the CHF.
07:15	CHF	low	Producer and Import Prices (MoM)	0.3%	0.2%	-0.3%
The Producer and Import Prices is an indicator of consumer price inflation provided by the Federal Statistical Office. The higher the cost of imported goods, the stronger the effect they will have on inflation, redunding in a higher probability of a rate rise by the SNB. Generally, a high reading should be taken as positive, or bullish, for the CHF.
09:00	EUR	average	Employment Change (YoY)	-2.1%		-1.8%
The Employment Change released by the Eurostat is a measure of the change in the number of employed people in the Euro-Zone. Generally speaking, a rise in this indicator has positive implications for consumer spending which stimulates economic growth. Generally speaking, a high reading is seen as positive (or bullish) for the EUR, while a low reading is seen as negative (or bearish).
09:00	EUR	average	Employment Change (QoQ)	-0.5%		-0.2%
The Employment Change released by the Eurostat is a measure of the change in the number of employed people in the Euro-Zone. Generally speaking, a rise in this indicator has positive implications for consumer spending which stimulates economic growth. Generally speaking, a high reading is seen as positive (or bullish) for the EUR, while a low reading is seen as negative (or bearish).
11:30	USD	average	NY Empire State Manufacturing Index	24.91	22	22.86
The survey of manufactures in New York conducted by the Federal Reserve Bank of New York. It indicates the overall manufactures in the United Sates. Generally speaking, a positive result indicates bullish for US Dollar, while a negative result shows poor growth of US Dollar.
11:30	CAD	low	New Motor Vehicle Sales (MoM)	2.6%
The New Motor Vehicle Sales released by the Statistics Canada measure motor vehicle sales in Canada. It is considered as an indicator for the overall economic climate. Generally, a high reading is seen as positive (or bullish) for the CAD, while a low reading is seen as negative (or bearish).
12:00	USD	average	Total Net TIC Flows	$53.6B		-$33.4B
The total Net TIC Flows is released by the US Department of Treasury. TIC stands for Treasury International Capital. It shows in and out flows of financial resources in the United States. The TIC flows is one of the major events in the market, as it is seen by most participants as the Government resource for offsetting the current Trade Deficit. Generally speaking, a high reading is positive (or bullish) for the USD, while a low reading is negative (or bearish).
12:00	USD	average	Net Long-term TIC Flows	$63.3B	$50.3B	$19.1B
The total Net TIC Flows is released by the US Department of Treasury. TIC stands for Treasury International Capital. It shows in and out flows of financial resources in the United States. The TIC flows is one of the major events in the market, as it is seen by most participants as the Government resource for offsetting the current Trade Deficit. Generally speaking, a high reading is positive (or bullish) for the USD, while a low reading is negative (or bearish).
12:15	USD	low	Industrial Production (MoM)	0.9%	0.4%	0.1%
The Industrial Production released by the Board of Governors of the Federal Reserve shows the volume of production of US industries such as factories and manufacturing. Up trend is regarded as inflationary which may anticipate interest rates to rise. If High industrial production growth comes out, this may generate a positive sentiment (or bullish) for the USD.
12:15	USD	low	Capacity Utilization	72.5%	72.3%	72.7%
The Capacity Utilization released by the Federal Reserve Board is the percentage of the US production capacity which is actually used over the short-time period. It is indicative of overall growth and demand in the U.S. economy. A high capacity utilization stimulates inflationary pressures. Generally speaking, a high reading is seen as positive (or bullish) for the USD, while a low reading is seen as negative (or Bearish).
16:00	USD	low	NAHB Housing Market Index	17	17	15
NAHB Housing Market Index is released by theNational Association of Home Builders. It presents home sales and expected home buildings in the future indicating housing market trend in the United States. The growth rate of the housing market affects the USD volatility. Normally, a high reading is seen as positive (or bullish) for the USD, whereas a low reading is seen as negative (or bearish).

16 March 2010, Tuesday

	Currency	Value	Event	Prev.	Forecast	Real
23:30	AUD	high	RBA Meeting's Minutes
The minutes of the Reserve Bank of Australia meetings are published two weeks after the interest rate decision. The minutes give a full account of the policy discussion, including differences of view. They also record the votes of the individual members of the Committee. If the RBA is hawkish about the inflationary outlook for the economy, then the markets see a higher possibility of a rate increase, and that is positive for the AUD.
05:45	CHF	low	SECO Economic Forecasts
The Economic Forecasts released by the Swiss State Secretariat for Economic Affairs shows a study of forecasts of major GDP components. It is considered as a measure of market activity because it indicates the pace at which the Swiss economy is growing or decreasing. A high reading or a better than expected number is seen as positive (or bullish) for the CHF, while a low reading is seen as negative (or bearish).
06:00	JPY	low	Machine Tool Orders (YoY)	189.4%		217.4%
The Machine Tool Orders released by the Japan Machine Tool Builders' Association shows movements in tool orders by manufacturers. It indicates business conditions and the overall economic condition in Japan. If a large number of tool orders come out, this may generate a positive sentiment (or bullish) for the JPY. On the other hand, a small number is seen as negative (or bearish).
08:30	GBP	low	DCLG House Price Index (YoY)	2.9%	3.6%	6.2%
The House Price Index released by the Department of Communities and Local Government shows changes in housing prices with the use of mix-adjusted method. The Index shows insight into housing trends and is considered as a key indicator for inflationary pressures. A high reading is seen as positive or (bullish) for the GBP, while a low reading is seen as negative (or bearish).
09:00	EUR	average	ZEW Survey - Economic Sentiment	40.2	38.5	37.9
The Economic Sentiment published by the Zentrum f
09:00	EUR	average	Consumer Price Index (YoY)	1%	0.9%	0.9%
The Euro Zone CPI released by the Eurostat captures the changes in the price of goods and services. The CPI is a significant way to measure changes in purchasing trends and inflation in the Euro Zone. A high reading anticipates a hawkish attitude which will be positive (or bullish) for the EUR, while a low reading is seen as negative (or bearish).
09:00	EUR	average	ZEW Survey - Economic Sentiment	45.1	43.5	44.5
The Economic Sentiment published by the Zentrum f
09:00	EUR	average	Consumer Price Index (MoM)	-0.8%	0.3%	0.3%
The Euro Zone CPI released by the Eurostat captures the changes in the price of goods and services. The CPI is a significant way to measure changes in purchasing trends and inflation in the Euro Zone. A high reading anticipates a hawkish attitude which will be positive (or bullish) for the EUR, while a low reading is seen as negative (or bearish).
09:00	EUR	high	ZEW Survey - Current Situation	-54.8	-52	-51.9
The Economic Sentiment published by the Zentrum f
09:00	EUR	average	Consumer Price Index - Core (MoM)	-0.1%	0.8%	0.4%
The Consumer Price Index released by Eurostat is a measure of price movements by the comparison between the retail prices of a representative shopping basket of goods and services excluding the volatile components like food and energy. The CPI Core is a key indicator to measure inflation and changes in purchasing trends. A high reading is seen as positive or bullish for the EUR, while a low reading is seen as negative.
11:30	USD	low	Import Price Index (YoY)	11.5%	11.3%	11.2%
The Import Price Index released by the US Department of Labor informs the changes in the price of imported products into the US.The higher the cost of imported goods, the stronger the effect they will have on inflation, redunding in a higher probability of a rate rise. Therefore, a high reading should be taken as positive (or bullish) for the USD, while a low reading is seen as negative (or bearish).
11:30	CAD	low	Labor Productivity (QoQ)	-0.3%	0.7%	1.4%
The Labor Productivity released by the Statistics Canada studies the average productivity of real GDP per hour worked. The study indicates the health condition of overall labor force in Canada. A high reading is seen as positive (or bullish) for the CAD, while a low reading is seen negative (or bearish).
11:30	CAD	low	Manufacturing Shipments (MoM)	1.6%	0.7%	2.4%
The Manufacturing Shipment released by the Statistic Canada examines overall Shipments of Canada. It can be seen expected market demand. A growing number of goods including unsold inventories indicates a fall in the market demand,which anticipates bearish for the CAD. Also, a decreasing shipment is seen as negative (or bearish). On the other hand, an increasing shipment is seen as positive (or bullish).
11:30	USD	low	Import Price Index (MoM)	1.3%	-0.1%	-0.3%
The Import Price Index released by the US Department of Labor informs the changes in the price of imported products into the US.The higher the cost of imported goods, the stronger the effect they will have on inflation, redunding in a higher probability of a rate rise. Therefore, a high reading should be taken as positive (or bullish) for the USD, while a low reading is seen as negative (or bearish).
11:30	USD	low	Building Permits (MoM)	0.62M	0.61M	0.61M
The Building Permits released by the US Census Bureau, at the Department of Commerce shows the number of permits for new construction projects. It implies the movement of corporate investments (US economic development). It tends to cause some volatility to the USD. The more growing number of permits, the more positive (or bullish) for the USD.
11:30	USD	average	Housing Starts (YoY)	0.61M	0.57M	0.57M
The Housing Starts released by the US Census Bureau, at the Department of Commerce is an indicator that tracks how many new single-family homes or buildings were constructed. For the survey each house and each single apartment are counted as one housing start. The figures include all private and publicly owned units. It indicates movements of the US housing market. A high reading anticipates positive (or bullish) for the USD, whereas a low reading is seen as negative (or bearish).
13:00	USD	average	Treasury's Geithner Speech
Timothy Geithner became the 75th Secretary of the US Department of Treasury in 2009. He gives a press conference as to how the Treasury Secretary observes the current US economy. His comments may determine a short-term positive or negative trend. Normally, if he shows a hawkish outlook, that is seen as positive (or bullish) for the USD, while a dovish is seen as negative (or bearish).
17:15	USD	high	FOMC Minutes
FOMC stands for The Federal Open Market Committee that organizes 8 meetings in a year and reviews economic and financial conditions, determines the appropriate stance of monetary policy and assesses the risks to its long-run goals of price stability and sustainable economic growth. FOMC Minutes are released by the Board of Governors of the Federal Reserve and are a clear guide to the future US interest rate policy.
17:15	USD	high	Fed Interest Rate Decision	0.25%	0.25%	0.25%
The Board of Governors of the Federal Reserve announces an interest rate. This interest rate affects the whole range of interest rates set by commercial banks, building societies and other institutions for their own savers and borrowers. It also tends to affect the exchange rate. If the Fed is hawkish about the inflationary outlook of the economy and rises the interest rates it is positive, or bullish, for the USD.
20:30	USD	low	API Crude Oil Inventories	6.5M		0.403M
API Crude Oil Inventories released by the API is a measure of change in crude oil storage. This report indicates the oil demand and the price volatility. As the oil prices have an impact on worldwide economy, some volatility for the currencies is expected, specially for the CAD. We have to take into account that Canada is the world's fourteenth largest producer of oil so a strong oil demand appreciates, or is bullish for the CAD.
21:00	USD	low	ABC/Washington Post Consumer Confidence	-49		-43
The ABC/Washington Post Consumer Confidence released by ABC News and the Washington Post captures the level of confidence that individuals have in economic activity reflecting respondents' evaluations of their personal financial situation. A high level of consumer confidence stimulates economic expansion while a low level drives to economic downturn. A high reading is seen as positive (or bullish) for the USD, while a low reading is seen as negative (or bearish).
22:50	JPY	low	Tertiary Industry Index (MoM)	-0.9%	1.3%	2.9%
Tertiary Industry Index released by the Ministry of Economy, Trade and Industry indicates the domestic service sector in Japan such as information and communication, electricity, gas heat and water,services, transport, wholesale and retail trade, finance and insurance ,and welfare. As the Japanese economy relies upon its exports, this event is expected to generate low volatility for the JPY. A high reading is positive (or bullish) for the JPY, while a low reading is negative (or bearish).

17 March 2010, Wednesday

	Currency	Value	Event	Prev.	Forecast	Real
23:30	AUD	low	Housing Starts (QoQ)	11%	6.7%	15.1%
Housing Starts (QoQ)
23:30	AUD	low	Westpac Leading Index (MoM)	0.6%		0.2%
The Westpac Leading Index released by the Melbourne Institute tracks nine gauges of economic activity, including share prices and telephone installations, to provide an indication of how the economy will perform. It tends to have an impact on the AUD volatility. The more positive the reading, the better for the currency, while a low reading is seen as negative (or bearish)
00:30	AUD	low	Dwelling Starts	9.4%
The Dwelling Starts released by the Australian Bureau of Statistics shows the number of construction work done in the previous month. It is considered as a key indicator to see the over all health of the housing market in Australia. A high reading is seen as positive (or bullish) for the AUD, whereas a low reading is seen as negative (or bearish).
02:00	JPY	high	BoJ Interest Rate Decision	0.1%	0.1%	0.1%
BoJ Interest Rate Decision is announced by the Bank of Japan. If the BoJ is hawkish about the inflationary outlook of the economy and rises the interest rates it is positive, or bullish, for the JPY. Likewise, if the BoJ has a dovish view on the Japanese economy and keeps the ongoing interest rate, or cuts the interest rate it is negative, or bearish.
08:30	GBP	average	ILO Unemployment Rate (3M)	7.8%	7.9%	7.8%
The ILO Unemployment Rate released by the National Statistics is the number of unemployed workers divided by the total civilian labor force. It is a leading indicator for the UK Economy. If the rate is up, it indicates a lack of expansion within the U.K. labor market. As a result, a rise leads to weaken the U.K. economy. A decrease of the figure is positive (or bullish) for the GBP, while an increase is negative.
08:30	GBP	high	Bank of England Minutes
The minutes of the BoE MPC meetings are published two weeks after the interest rate decision. The minutes give a full account of the policy discussion, including differences of view. They also record the votes of the individual members of the Committee. If the BoE is hawkish about the inflationary outlook for the economy, then the markets see a higher possibility of a rate increase, and that is positive for the GBP.
08:30	GBP	average	Jobless Claims Change	5.3K	8.4K	-32.3K
The Claimant Change released by the National Statistics presents the number of unemployment people in the UK. There is a tendency to influence the GBP volatility. Generally speaking, a rise in this indicator has negative implications for consumer spending which discourage economic growth. Therefore, a high reading is seen as negative (or bearish) for the GBP, while a low reading is seen as positive (or bullish).
08:30	GBP	average	Average Earnings including Bonus (3Mo/Yr)	0.7%	1.7%	0.8%
The Average Earing Including Bonus released by the National Statistics is a key short-term indicator of how levels of pay are changing within the UK economy. The positive earnings growth anticipates positive (or bullish) for the GBP, whereas a low reading is seen as negative (or bearish).
08:30	GBP	average	Claimant Count Rate	5%	5%	4.9%
The Claimant Count Rate released by the National Statistics is a monthly measure of unemployment in the UK It indicates the health of the UK labor market. If the rate is up, it indicates a lack of expansion within the UK lobar market, while it indicates economic expansion and could spark inflationary pressures if the rate is down. A decrease of the figure is seen as positive (or bullish) for the GBP, while an increase is seen as negative.
08:30	GBP	average	Average Earnings excluding Bonus (3Mo/Yr)	1.4%	1.3%	1.2%
The Average Earing Excluding Bonus released by the National Statistics is a key short-term indicator of how levels of pay are changing within the UK economy. It can be seen as a measure of growth in "basic pay". The positive earnings growth anticipates positive (or bullish) for the GBP, whereas a low reading is seen as negative (or bearish).
10:00	USD	low	MBA Mortgage Applications	0.5%		-1.9%
The MBA Mortgage Applications released by the Mortgage Bankers Association presents various mortgage applications. It is considered as a leading indicator of the U.S Housing Market. A Mortgage growth represents a healthy housing market that stimulates the overall US economy. Thus, a high reading is seen as positive (or bullish) for the USD, while a low reading is seen as negative (or bearish).
10:00	EUR	low	Construction Output w.d.a (YoY)	-3.1%		-12.5%
The report released by the Eurostat is the output of the construction industry, in both the private and public sectors. It shows the strength of the construction industry, which, at the same time, hints at the investments made in this sector of the economy. A high reading is positive for the EUR, while a low reading is negative. A high reading is seen as positive (or bullish) for the EUR, while a low reading is seen as negative.
10:00	EUR	low	Construction Output s.a (MoM)	0.5%		-2.2%
The report released by the Eurostat is the output of the construction industry, in both the private and public sectors. It shows the strength of the construction industry, which, at the same time, hints at the investments made in this sector of the economy. A high reading is positive for the EUR, while a low reading is negative. A high reading is seen as positive (or bullish) for the EUR, while a low reading is seen as negative.
11:00	-	common/calendar/impacts/	CBI Interest Rate Decision	9.5%		9%
The CBI Interest Rate Decision is announced by the Central Bank of Iceland. If the bank is hawkish about the inflationary outlook of the economy and rises the interest rates, it is seen as positive, or bullish, for the ISK, while a dovish outlook for the economy (or a rate cut) is seen as negative, or bearish, for the currency.
11:30	USD	average	Producer Price Index ex Food & Energy (YoY)	1%	1%	1%
The Producer Price Index ex Food & energy released by the Bureau of Labor statistics, Department of Labor measures the average changes in prices in primary markets of the US by producers of commodities in all states of processing. Those volatile products such as food and energy are excluded in order to capture an accurate calculation. A high reading is seen as positive (or bullish) for the USD, whereas a low reading is seen as negative (or bearish).
11:30	USD	average	Producer Price Index ex Food & Energy (MoM)	0.3%	0.1%	0.1%
The Producer Price Index ex Food & energy released by the Bureau of Labor statistics, Department of Labor measures the average changes in prices in primary markets of the US by producers of commodities in all states of processing. Those volatile products such as food and energy are excluded in order to capture an accurate calculation. A high reading is seen as positive (or bullish) for the USD, whereas a low reading is seen as negative (or bearish).
11:30	USD	average	Producer Price Index (YoY)	4.6%	5%	4.4%
The Producer Price Index released by the Bureau of Labor statistics, Department of Labor measures the average changes in prices in primary markets of the US by producers of commodities in all states of processing. Changes in the PPI are widely followed as an indicator of commodity inflation. A high reading is seen as positive (or bullish) for the USD, whereas a low reading is seen as negative (or bearish).
11:30	CAD	low	Wholesale Sales (MoM)	0.9%	0.6%	3%
The Wholesale Sales released by the Statistic Canada shows value of sales made by wholesalers in Canada. A growing number in wholesales indicates increases in retail trade and consumption, that is seen as positive or bullish for the CAD, while a declining number indicates the weakened retail sectors, consumption, and the economy in Canada, that is seen as negative or bearish for the currency.
11:30	USD	average	Producer Price Index (MoM)	1.4%	-0.2%	-0.6%
The Producer Price Index released by the Bureau of Labor statistics, Department of Labor measures the average changes in prices in primary markets of the US by producers of commodities in all states of processing. Changes in the PPI are widely followed as an indicator of commodity inflation. A high reading is seen as positive (or bullish) for the USD, whereas a low reading is seen as negative (or bearish).
13:30	USD	low	EIA Crude Oil Stocks change	1.4M	0.6M	1M
EIA Crude Oil Stock is a measure of change in crude oil storage and it's released by the Energy Information Administration. This report indicates the oil demand and the price volatility. As the oil prices have an impact on worldwide economy, some volatility for the currencies, specially for the CAD is expected. We have to take into account that Canada is the world's fourteenth largest producer of oil so a strong oil demand appreciates, or is bullish for the CAD.
17:00	USD	average	Fed's Bernanke testifies
The fed Governor Ben Shalom Bernanke gives a press conference as to how the Fed observes the current U.S. economy and the value of USD. His comments may influence the volatility of USD and determine a short-term positive or negative trend. His hawkish view is considered as positive, or bullish for the USD, whereas his dovish view is considered as negative, or bearish for the Dollar.
22:50	JPY	low	BSI Large All Industry (QoQ)	-1.9		-2.4
BSI Large All Industry (QoQ)
22:50	JPY	low	BSI Large Manufacturing (QoQ)	13.2	15.3	4.3
The Business Survey Index (BSI) Large Manufacturing released by the Ministry of Finance studies business authorities' assessments of and forecasts for the economy to seize information for keeping track of economic trends. The BSI is the percentage of firms that say domestic economic conditions are rising compared with the previous quarter, minus the percentage of firms that say domestic economic conditions are declining compared with the previous quarter. A high reading is seen as positive (or bullish) for the JPY, while a low reading is seen as negative (or bearish).

18 March 2010, Thursday

	Currency	Value	Event	Prev.	Forecast	Real
00:30	AUD	low	RBA Foreign Exchange Transaction	295M		424M
The Foreign Exchange Transactionreleased by the Reserve Bank of Australia shows the movements of the exchange of the AUD for others, likewise others for the AUD. It indicates the climate of foreign investors into the AUD itself. This event causes volatility in the AUD. An increasing number of investments is seen as positive prospect of the Australian economy (or bullish sentiment for the AUD).
04:00	JPY	low	Coincident Index	97.4		100.1
The Coincident Index released by the Cabinet Office is a single summary statistic that tracks the current state of the Japanese economy. A rise in the index indicates an expansion of economic activity and a decline in the index indicates a contraction in economic activity. Thus, a result that values above 50% signals appreciates (or is bullish for) the JPY, whereas a result that values below 50% is seen as negative (or bearish).
04:00	JPY	low	Leading Economic Index	94.7		96.7
The Leading Economic Index released by the Cabinet Office is an economic indicator that consists of 12 indexes such as account inventory ratios, machinery orders, stock prices and other leading economic indicators. It shows the performance of the Japanese Economy over the short and mid-term. A result above 50 is positive (or bullish) for the JPY, whereas a result below 50 is seen as bearish.
04:00	JPY	average	Bank of Japan Monthly Economic Survey
The BoJ Monthly Economic Survey released by the Bank of Japan presents a study of economic movements in Japan. It reviews economic developments inside and outside of Japan and indicate a sign of new fiscal policy. Any changes in this report tend to affect the JPY volatility. A high reading is seen as positive (or bullish) for the JPY, while a low reading is seen as negative (or bearish).
06:15	CHF	average	Trade Balance	2.42B	2.2B	1.29B
The Trade Balance released by the Swiss Federal Customs Administration is a measure of balance amount between import and export. A positive value shows a trade surplus while a negative value shows a trade deficit. Any variation in the figures influences the domestic economy. If a steady demand in exchange for Swiss exports is seen, that would turn into a positive growth in the trade balance, and that should be positive for the CHF.
07:15	CHF	average	Industrial Production (QoQ)	3.5%	5.1%	6.4%
The Industrial Production is released by the Swiss Statistics. It shows the volume of production of Industries such as factories and manufacturing. Up trend is regarded as inflationary which may anticipate interest rates to rise. If high industrial production growth comes out, this may generate a positive sentiment (or bullish) for the CHF, while low industrial production is seen as a negative sentiment (or bearish).
07:15	CHF	average	Industrial Production (YoY)	-6.6%	-3.5%	-1.1%
The Industrial Production is released by the Swiss Statistics. It shows the volume of production of Industries such as factories and manufacturing. Up trend is regarded as inflationary which may anticipate interest rates to rise. If high industrial production growth comes out, this may generate a positive sentiment (or bullish) for the CHF, while low industrial production is seen as a negative sentiment (or bearish).
08:00	EUR	low	Current Account n.s.a	€9.8B		-€16.
The Current Account released by the European Central Bank is a net flow of current transactions, including goods, services, and interest payments into and out of the Euro-Zone. A current account surplus indicates that the flow of capital into the Euro-Zone exceeds the capital reduction. A high reading is seen as positive (or bullish) for the EUR, whereas a low reading is seen as negative (or bearish).
08:00	EUR	low	Current Account s.a	€2.3B	€2.9B	-€8.1
The Current Account released by European Central Bank is a net flow of current transactions, including goods, services, and interest payments into and out of the Euro-Zone. A current account surplus indicates that the flow of capital into the Euro-Zone exceeds the capital reduction. A high reading is seen as positive (or bullish) for the EUR, whereas a low reading is seen as negative (or bearish).
08:30	GBP	average	Public Sector Net Borrowing	£0.4	£14.	£12.
The Net Borrowing released by the National Statistics captures an amount of new debt held by the U.K. governments (the financial deficit in the UK national accounts). If the Net Borrowing is negative, it means the UK Accounts are surplus, and that should be positive for the GBP. While a deficit is generally unfavorable for the economy, a growth in the Net Borrowing is considered as negative, or bearish for the GBP.
08:30	GBP	low	M4 Money Supply (YoY)	4.7%	4.3%	3.6%
M4 Money is widely referred as "broad money" or simply "money supply". The M4 Money Supply released by the Bank of England measures all the sterling in circulation, encompassing notes and coins as well as money held in bank accounts. It is considered as an important indicator of inflation, as monetary expansion adds pressure to the exchange rates. Normally, an acceleration of the M4 money is considered as positive for the GBP, whereas a decline is negative.
08:30	GBP	low	M4 Money Supply (MoM)	0.2%	0.8%	0.2%
M4 Money is widely referred as "broad money" or simply "money supply". The M4 Money Supply released by the Bank of England measures all the sterling in circulation, encompassing notes and coins as well as money held in bank accounts. It is considered as an important indicator of inflation, as monetary expansion adds pressure to the exchange rates. An acceleration of the M4 money is considered as positive for the GBP, whereas a decline is negative.
08:30	GBP	average	Mortgage Approvals	48K	54K	48K
The Mortgage Approvals released by the Bank of England presents the number of various Mortgage Approvals. It is considered as a leading indicator of the UK Housing Market. A Mortgage growth represents a healthy housing market that stimulates the overall UK economy. Thus, a high reading is seen as positive (or bullish) for the GBP, while a low reading is seen as negative (or bearish).
09:00	EUR	average	Trade Balance s.a.	€5.2B	-€4B	-€7.4
The Trade Balance released by the Eurostat is a balance between exports and imports of total goods and services. A positive value shows trade surplus, while a negative value shows trade deficit. It is an event that generates some volatility for the EUR. If a steady demand in exchange for exports is seen, that would turn into a positive growth in the trade balance, and that should be positive for the EUR.
09:00	EUR	average	Trade Balance n.s.a.	€4.1B	€5.1B	-€8.9
The Trade Balance released by the Eurostat is a balance between exports and imports of total goods and services. A positive value shows trade surplus, while a negative value shows trade deficit. It is an event that generates some volatility for the EUR. If a steady demand in exchange for exports is seen, that would turn into a positive growth in the trade balance, and that should be positive for the EUR.
09:00	CHF	average	ZEW Survey - Expectations	52.5		53.8
The ZEW Survey Expectations published by the Centre for European Economic Research presents business conditions, employment conditions and other elements affecting the day to day running of a business in Switzerland. A high reading is seen as positive (or bullish) for the CHF, whereas a low reading is seen as negative (or bearish).
10:00	CAD	high	Bank of Canada Consumer Price Index Core (MoM)	0.1%	0.3%	0.7%
The Consumer Price Index Core is released by the Bank of Canada. “Core” CPI excludes fruits, vegetables, gasoline, fuel oil, natural gas, mortgage interest, intercity transportation, and tobacco products. These volatile core 8 are considered as the key indicator for inflation in Canada. A high reading anticipates a hawkish attitude by the BoC, and that is said to be positive (or bullish) for the CAD.
10:00	CAD	high	Bank of Canada Consumer Price Index Core (YoY)	2%	1.7%	2.1%
Consumer Price Index Core is released by the Bank of Canada. “Core” CPI excludes fruits, vegetables, gasoline, fuel oil, natural gas, mortgage interest, intercity transportation, and tobacco products. These volatile core 8 are considered as the key indicator for inflation in Canada. A high reading anticipates a hawkish attitude by the BoC, and that is said to be positive (or bullish) for the CAD.
10:00	CAD	high	Consumer Price Index (YoY)	1.9%	1.4%	1.6%
The Consumer Price Index released by the Statistics Canada is a measure of price movements by the comparison between the retail prices of a representative shopping basket of goods and services. The purchase power of CAD is dragged down by inflation. The Bank of Canada aims at an inflation range (1%-3%). A high reading is seen as anticipatory of a rate hike and is positive (or bullish) for the CAD.
10:00	CAD	high	Consumer Price Index (MoM)	0.3%	0.4%	0.4%
The Consumer Price Index released by the Statistics Canada is a measure of price movements by the comparison between the retail prices of a representative shopping basket of goods and services. The purchase power of CAD is dragged down by inflation. The Bank of Canada aims at an inflation range (1%-3%). A high reading is seen as anticipatory of a rate hike and is positive (or bullish) for the CAD.
10:00	GBP	low	CBI Industrial Trends - Business Sentiment (QoQ)	-39	-33	-37
The CBI Business Sentiment released by the Confederation of British Industry shows the business outlook in the UK. The Business Sentiment allows analyses of economic situation in the short term. An optimistic view of the UK firms is considered as positive, or bullish for the GBP, whereas a pessimistic view is considered as negative, or bearish for the Pound.
11:30	USD	average	Consumer Price Index Ex Food & Energy (MoM)	-0.1%	0.1%	0.1%
The Consumer Price Index Ex Food & Energy released by the US Department of Labor is a measure of price movements by the comparison between the retail prices of a representative shopping basket of goods and services. Those volatile products such as food and energy are excluded in order to capture an accurate calculation. A high reading is seen as positive (or bullish) for the USD, while a low reading is seen as negative (or Bearish).
11:30	USD	average	Consumer Price Index Ex Food & Energy (YoY)	1.6%	1.4%	1.3%
The Consumer Price Index Ex Food & Energy released by the US Department of Labor is a measure of price movements by the comparison between the retail prices of a representative shopping basket of goods and services. Those volatile products such as food and energy are excluded in order to capture an accurate calculation. A high reading is seen as positive (or bullish) for the USD, while a low reading is seen as negative (or Bearish).
11:30	USD	high	Consumer Price Index (YoY)	2.6%	2.3%	2.1%
The Consumer Price Index released by the US Department of Labor is a measure of price movements by the comparison between the retail prices of a representative shopping basket of goods and services. The purchase power of USD is dragged down by inflation. The CPI is a key indicator to measure inflation and changes in purchasing trends. A high reading is seen as positive (or bullish) for the USD, while a low reading is seen as negative (or Bearish).
11:30	USD	low	Current Account	-$102.3B	-$120B	-$115.6B
The Current Account released by the Bureau of Economic Analysis is a net flow of current transactions, including goods, services, and interest payments into and out of the US. A current account surplus indicates that the flow of capital into the US exceeds the capital reduction. A high reading is seen as positive (or Bullish) for the USD, whereas a low reading is seen as negative (or Bearish).
11:30	USD	high	Consumer Price Index (MoM)	0.2%	0.1%
The Consumer Price Index released by the US Department of Labor is a measure of price movements by the comparison between the retail prices of a representative shopping basket of goods and services. The purchase power of USD is dragged down by inflation. The CPI is a key indicator to measure inflation and changes in purchasing trends. A high reading is seen as positive (or bullish) for the USD, while a low reading is seen as negative (or Bearish).
11:30	USD	low	Continuing Jobless Claims	4558K	4500K	4579K
The Counting Jobless Claims released by the US Department of Labor measure the number of individuals who are unemployed and are currently receiving unemployment benefits. It presents the strength in the labor market. A rise in this indicator has negative implications for consumer spending which discourage economic growth. Therefore, a high reading is seen as negative, or bearish for the USD, while a low reading is seen as positive, or bullish.
11:30	CAD	low	Canadian Investment in Foreign Securities	-$0.66B		-$5.8B
The Canadian investment in foreign securities released by the Statistics Canada shows the movements of outcoming investments (money market, stocks and bonds) from Canada. It also indicates the climate of Canadian investors into foreign securities. This event causes volatility in the CAD. An increasing number of investments is seen as positive prospect of the Canadian economy (or bullish sentiment for the CAD).
11:30	USD	average	Initial Jobless Claims	462K	456K	457K
The Initial Jobless Claims released by the US Department of Labor is a measure of the number of people filing first-time claims for state unemployment insurance. In other words, it provides a measure of strength in the labor market. A larger than expected number indicates weakness in this market which influences the strength and direction of the US economy. Therefore, a decreasing number should be taken as positive or bullish for the USD.
11:30	CAD	low	Foreign investment in Canadian securities	$11.11B	$7.75B	$11.8B
The International Securities released by the Statistics Canada shows the movements of incoming and outcoming investments (money market, stocks and bonds) from Canada. It also indicates the climate of foreign investors into Canadian securities and the CAD itself. This event causes volatility in the CAD. An increasing number of investments is seen as positive prospect of the Canadian economy (or bullish sentiment for the CAD).
13:00	USD	average	Philadelphia Fed Manufacturing Survey	17.6	18	18.9
The Philadelphia Fed Survey is a spread index of manufacturing conditions (movements of manufacturing) within the Federal Reserve Bank of Philadelphia. This survey, served as an indicator of manufacturing sector trends, is interrelated with the ISM manufacturing Index (Institute for Supply Management) and the index of industrial production. It is also used as a forecast of The ISM Index. An above-the-expectaitons reading is seen as positive.
13:00	USD	low	Leading Indicators (MoM)	0.3%	0.1%	0.1%
The Leading Indicators released by the Conference Board measures future trends of the overall economic activity including employment, average manufacturing workweek, initial claims, permits for new housing construction, stock prices and yield curve. It is considered as a measure for economic stability in United States. This event generates some volatility for the USD. A high reading is seen as positive (or bullish).
20:45	NZD	low	Visitor Arrivals	-2.4%		-1.9%
The Visitor Arrivals released by the Statistics New Zealand measures the number of visitors to New Zealand. As the tourism industry dominates a large part of the total GDP, the visitor arrivals is an important indicator of the overall economic condition in New Zealand. A high reading is seen as positive (or bullish) for the NZD, while a low reading is seen as negative (or bearish).

19 March 2010, Friday

	Currency	Value	Event	Prev.	Forecast	Real
01:00	NZD	low	Credit Card Spending	-0.4%		1.1%
The Credit Card Spending released by the Reserve Bank of New Zealand measures the total credit card expenditure by individuals. The level of credit card spending can be used as an indicator of consumer optimism and is also considered as a measure of economic growth. A high reading is positive (or Bullish) for the NZD, while a low reading is negative (or bearish).
03:30	JPY	low	All Industry Activity Index (MoM)	-0.3%	1.6%	3.8%
The All Industry Activity Index released by the Ministry of Economy, Trade and Industry captures the monthly change in overall production by all industries of the Japanese economy. The index indicates the Japanese GDP and the overall growth figures, providing insight into current levels of Japanese economic expansion. A high reading is seen as positive (or bullish) for the JPY, while a low reading is seen as negative (or bearish).
06:00	EUR	average	Producer Price Index (MoM)	0.8%	0.1%
The Producer Price Index released by the Statistisches Bundesamt Deutschland measures the average changes in prices in the German primary markets. Changes in the PPI are widely followed as an indicator of commodity inflation. A high reading is seen as positive (or bullish) for the EUR, whereas a low reading is seen as negative (or bearish).
06:00	EUR	average	Producer Price Index (YoY)	-3.4%	-2.8%	-2.9%
The Producer Price Index released by the Statistisches Bundesamt Deutschland measures the average changes in prices in the German primary markets. Changes in the PPI are widely followed as an indicator of commodity inflation. A high reading is seen as positive (or bullish) for the EUR, whereas a low reading is seen as negative (or bearish).
06:45	EUR	average	ECB Trichet's Speech
The European Central Bank's president Jean Claude Trichet was born in 1942, Paris. He graduated from the University of Paris in the facility of economics. In 2003 he became the president of the European Central Bank. He gives a press conference as to how the ECB observes the current European economy and the value of EUR. His comments may determine a short-term positive or negative trend. Generally speaking, if he shows a hawkish outlook, that is generally seen as positive (or bullish) for the EUR, while a dovish is seen as negative (or bearish).
11:30	CAD	high	Retail Sales ex Autos (MoM)	0.5%	0.5%	1.8%
The Retail Sales ex Auto released by the Statistics Canada is a monthly data that shows all goods sold by retailers based on a sampling of retail stores of different types and sizes except the automobile sector. The retail sales index is often taken as an indicator of consumer confidence. It shows the performance of the retail sector in the short term. The positive economic growth anticipates bullish movements for the CAD.
11:30	CAD	high	Retail Sales (MoM)	0.7%	0.6%	0.7%
The Retail Sales released by the Statistics Canada is a monthly data that shows all goods sold by retailers based on a sampling of retail stores of different types and sizes. The retail sales index is often taken as an indicator of consumer confidence. It shows the performance of the retail sector in the short term. The positive economic growth anticipates bullish movements for the CAD.

21 March 2010, Sunday

	Currency	Value	Event	Prev.	Forecast	Real
23:00	JPY	common/calendar/impacts/	Vernal Equinox Day
Banks will be closed, and there will be no trading activity due to the Vernal Equinox Day Bank Holiday.

22 March 2010, Monday

	Currency	Value	Event	Prev.	Forecast	Real
23:00	JPY	common/calendar/impacts/	Vernal Equinox Day Observed
Banks will be closed due to the observed Vernal Equinox Day bank holiday.