Economic calendar

21 May 2012, Monday

	Currency	Value	Event	Prev.
01:00	CAD	none	Victoria Day
Banks will be closed due to Victoria Day bank holiday.
03:30	JPY	average	All Industry Activity Index (MoM)	-0.1%
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. Normally, a high reading is seen as positive (or bullish) for the JPY, while a low reading is seen as negative (or bearish).
04:00	JPY	low	Coincident Index	95.2
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. Generally speaking, 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	average	Leading Economic Index	96
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. Generally speaking, a result above 50 is positive (or bullish) for the JPY, whereas a result below 50 is seen as bearish.
08:00	EUR	low	Construction Output s.a (MoM)	-7.1%
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. Usually, a high reading is positive for the EUR, while a low reading is negative.
08:00	EUR	low	Construction Output w.d.a (YoY)	-12.9%
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. Usually, a high reading is positive for the EUR, while a low reading is negative.
08:15	USD	low	Fed's Lockhart speech
The Federal Reserve Bank of Atlanta, the 14th president and chief executive officer Dennis P. Lockhart was born in1947, in California. He graduated from Stanford University and an M.A. in international economics and American foreign policy from the Johns Hopkins University School of Advanced International Studies in 1971. He gives a press conference as to how the Fed observes the current US economy and the value of USD. His comments may determine a short-term positive or negative trend.

22 May 2012, Tuesday

	Currency	Value	Event	Prev.	Forecast	Real
23:00	JPY	average	BoJ Monetary Policy Meeting Minutes
The Bank of Japan publishes a study of economic movements in Japan after the actual meeting. These meetings are held to review 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. Generally speaking, if the BoJ minutes show a hawkish outlook, that is seen as positive (or bullish) for the JPY, while a dovish outlook is seen as negative (or bearish).
01:00	CNY	low	CB Leading Economic Index	0.8
The Conference Board LEI for China aggregates six economic indicators that measure economic activity in China. Each of the LEI components has proven accurate on its own.
02:00	NZD	high	RBNZ Inflation Expectations (YoY)	2.5%
The Inflation Expectations released by the Reserve Bank of New Zealand measures business managers´ expectations of annual CPI 2 years from now. An increase in expectations is regarded as inflationary which may anticipate a rise in interest rates. A high reading is positive (or bullish) for the NZD, while a low reading is seen as negative (or bearish).
07:30	GBP	average	Public Sector Net Borrowing	£15.	£5.8
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). Generally speaking, 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.
07:30	GBP	high	Consumer Price Index (YoY)	3.5%	3.1%
The Consumer Price Index released by the National Statistics 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 GBP is dragged down by inflation. The CPI is a key indicator to measure inflation and changes in purchasing trends. Generally, a high reading is seen as positive (or bullish) for the GBP, while a low reading is seen as negative (or Bearish).
07:30	GBP	low	DCLG House Price Index (YoY)	0.3%	0.5%
The House Price Index released by the Office for National Statistics 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. Normally, a high reading is seen as positive or (bullish) for the GBP, while a low reading is seen as negative (or bearish).
07:30	GBP	average	Retail Price Index (YoY)	3.6%	3.5%
Retail Price Index released by the National Statistics is a statistical measure of a weighted average of prices of a specified set of goods and services purchased by consumers. It is widely considered as a key measure of inflation that indicates an accurate reflection of the cost of living. Normally, a high reading is seen as positive (or bullish) for the GBP, whereas a low reading is seen as negative (or bearish).
07:30	GBP	high	Core Consumer Price Index (YoY)	2.5%	2%
The Core Consumer Price Index released by the National Statistics is a measure of price movements by the comparison between the retail prices of a representative shopping basket of goods and services. "Core" excludes seasonally volatile products such as food and energy in order to capture an accurate calculation. The CPI is a key indicator to measure inflation and changes in purchasing trends. Generally, a high reading is seen as positive (or bullish) for the GBP, while a low reading is seen as negative (or Bearish).
07:30	GBP	average	Consumer Price Index (MoM)	0.3%	0.6%	0.6%
The Consumer Price Index released by the National Statistics 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 GBP is dragged down by inflation. The CPI is a key indicator to measure inflation and changes in purchasing trends.Generally, a high reading is seen as positive (or bullish) for the GBP, while a low reading is seen as negative (or Bearish).
07:30	GBP	average	BBA Mortgage Approvals	31.9K
The Mortgage Approvals published by the British Bankers' Association (BBA) measure the number of home loans issued by the BBA during the previous quarter. 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. Normally, a high reading is seen as positive (or bullish) for the GBP, while a low reading is seen as negative (or bearish).
07:30	GBP	low	Retail Price Index (MoM)	0.4%	0.6%
Retail Price Index released by the National Statistics is a statistical measure of a weighted average of prices of a specified set of goods and services purchased by consumers. It is widely considered as a key measure of inflation that indicates an accurate reflection of the cost of living. Normally, a high reading is seen as positive (or bullish) for the GBP, whereas a low reading is seen as negative (or bearish).
09:15	USD	low	Fed's Lockhart speech
The Federal Reserve Bank of Atlanta, the 14th president and chief executive officer Dennis P. Lockhart was born in1947, in California. He graduated from Stanford University and an M.A. in international economics and American foreign policy from the Johns Hopkins University School of Advanced International Studies in 1971. He gives a press conference as to how the Fed observes the current US economy and the value of USD. His comments may determine a short-term positive or negative trend.
13:00	USD	low	Richmond Fed Manufacturing Index	14	12
The survey including information on shipments, new orders, order backlogs, and inventories conducted by Federal Reserve Bank of Richmond provides information on current activity in the manufacturing sector (mailing 220 business organizations). The industry inflation can been seen from the survey. Generally speaking, a high reading appreciates (or is bullish for) the USD, whereas a low reading is seen as negative (or bearish for) the USD.
13:00	EUR	average	Consumer Confidence	-19.9	-20
The Consumer Confidence released by the European Commission is a leading index that measures the level of consumer confidence in economic activity. 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 EUR, while a low reading is seen as negative (or bearish).
13:00	USD	average	Existing Home Sales Change	-2.6%	4.5%
The Existing Home Sales, released by the National Association of Realtors, provide an estimated value of housing market conditions. As the housing market is considered as a sensitive factor to the US economy, it generates some volatility for the USD. Generally speaking, a high reading is positive for the Dollar, while a low reading is negative.
13:00	USD	average	Existing Home Sales (MoM)	4.48M	4.64M
The Existing Home Sales, released by the National Association of Realtors provide an estimated value of housing market conditions. As the housing market is considered as a sensitive factor to the US economy, it generates some volatility for the USD. Generally speaking, a high reading is positive for the Dollar, while a low reading is negative.
22:50	JPY	average	Merchandise Trade Balance Total	-¥82.6	-¥482.
The Merchandise Trade Balance Total released by the Ministry of Finance 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. Japan is so much dependant on exports that the Japanese economy heavily relies on a trade surplus. Therefore, any variation in the figures influences the domestic economy. If a steady demand in exchange for Japanese exports is seen, that would turn into a positive. Review Alex Nekritin's Article - Trading the Yen with Japan Trade Balance
22:50	JPY	average	Exports (YoY)	5.9%	12.7%
Exports of goods and services, released by Japan Customs, consist of transactions of goods ans services (sales, barter, gifts or grants) from residents to non-residents.
22:50	JPY	average	Imports (YoY)	10.5%	10.2%
Imports of goods and services, released by Ministry of Finance, consist of transactions in goods and services (purchases, barters, gifts or grants) from non-residents to residents.
22:50	JPY	low	Adjusted Merchandise Trade Balance	-¥621.	-¥600B
The Adjusted Merchandise Trade Balance is released by the Ministry of Finance and it's a seasonal measure of balance amount between import and export. A positive value shows a trade surplus while a negative value shows a trade deficit. Japan is so much dependant on exports. A high reading is positive for the JPY, while a low reading is seen as negative (or bearish). Review Alex Nekritin's Article - Trading the Yen with Japan Trade Balance

23 May 2012, Wednesday

	Currency	Value	Event	Prev.	Forecast
23:00	AUD	average	Conference Board Australia Leading Index
The Conference Board Australia leading Index 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 forecasts short to mid-term growth in the Australian economy. Generally, a high reading is seen as positive (or bullish) for the AUD, while a low reading is seen as negative (or bearish).
23:30	AUD	low	Westpac Leading Index (MoM)	0.6%
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. Generally speaking, the more positive the reading, the better for the currency, while a low reading is seen as negative (or bearish)
03:00	JPY	high	BoJ Interest Rate Decision	0.1%	0.1%
BoJ Interest Rate Decision is announced by the Bank of Japan. Generally, 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.
04:00	EUR	low	Current Account (YoY)	-€1.1
The current account, released by the Bank of Greece is a net flow of current transactions, including goods, services and interest payments into and out of Greece. A current account surplus indicates that the flow of capital into Greece exceeds the capital reduction. A high reading is seen as positive (or bullish) for the Euro, whereas a low reading is seen as negative (or bearish).
07:00	EUR	low	Current Account s.a	-€1.3	€3.4B
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. Generally speaking, a high reading is seen as positive (or bullish) for the EUR, whereas a low reading is seen as negative (or bearish).
07:00	EUR	low	Current Account n.s.a	-€5.9
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. Generally speaking, a high reading is seen as positive (or bullish) for the EUR, whereas a low reading is seen as negative (or bearish).
07:30	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. Generally speaking, 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.
09:00	GBP	low	CBI Industrial Trends Survey - Orders (MoM)	-8%	-11%
The CBI Industrial Trends Survey is released by the Confederation of British Industry and gives expert qualitative opinion from senior manufacturing executives, on past and expected trends in output, exports, prices, costs, investment intentions, business confidence and capacity utilization. Usually, if those opinions show a hawkish outlook in the manufacturing sector, that is seen as positive, or bullish, for the GBP.
10:00	USD	low	MBA Mortgage Applications	9.2%
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. Normally, a high reading is seen as positive (or bullish) for the USD, while a low reading is seen as negative (or bearish).
11:30	CAD	low	Retail Sales ex Autos (MoM)	0.5%	0.6%
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. Generally speaking, the positive economic growth anticipates bullish movements for the CAD.
11:30	CAD	average	Leading Indicators (MoM)	0.4%	0.3%
The Leading Indicators released by the Statistics Canada 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 Canada. Generally, a high reading is seen as positive (or bullish) for the CAD, whereas a low reading is seen as negative (or bearish).
11:30	CAD	average	Retail Sales (MoM)	-0.2%	0.5%
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. Generally speaking, the positive economic growth anticipates bullish movements for the CAD.
13:00	USD	average	New Home Sales (MoM)	0.328M	0.336M
The number of New Home Sales released by the US Census Bureau is an important measure of housing market conditions. House buyers spend money on furnishing and financing their homes so as a result the demand for goods, services and the employees is stimulated. Generally, a high reading is seen as bullish for the USD, whereas a low reading is seen as bearish.
13:00	USD	low	Housing Price Index (MoM)	0.3%	0.4%
The Housing Price Index released by the Office of Federal Reserve Housing Enterprise Oversight provides an estimated value of housing market conditions. It is an important indicator as the housing market is considered as a sensitive factor to the US economy. Generally speaking, a high reading is seen as positive (or bullish) for the USD, while a low reading is seen as negative (or bearish).
13:00	USD	low	New Home Sales Change (MoM)	-7.1%
The number of New Home sales released by the US Census Bureau is an important measure of housing market conditions. House buyers spend money on furnishing and financing their homes so as a result the demand for goods, services and the employees is stimulated. Generally, a high reading is seen as bullish for the USD, whereas a low reading is seen as bearish.
13:30	USD	low	EIA Crude Oil Stocks change	2.128M
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	low	Fed Minneapolis's Narayana Kocherlakota speech
The president of the Minneapolis Federal Reserve Bank, Narayana Kocherlakota, 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.
21:45	NZD	average	Trade Balance	134M	400M
The Trade Balance released by the Statistics New Zealand 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 exports is seen, that would turn into a positive growth in the trade balance, and that should be positive for the NZD. Review Alex Nekritin's Article - Trading New Zealand Dollar with New Zealand Trade Balance

24 May 2012, Thursday

	Currency	Value	Event	Prev.	Forecast
04:00	JPY	high	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. Normally, a high reading is seen as positive (or bullish) for the JPY, while a low reading is seen as negative (or bearish).
05:00	EUR	average	Gross Domestic Product n.s.a (YoY)	1.5%	1.7%
The Gross Domestic Product released by the Statistisches Bundesamt Deutschland is a measure of the total value of all goods and services produced by Germany. The GDP is considered as a broad measure of the German economic activity and health. A high reading or a better than expected number has a positive effect on the EUR, while a falling trend is seen as negative (or bearish).
05:00	EUR	average	Retail Sales (YoY)	2.3%
The Retail Sales released by the Statistisches Bundesamt Deutschland is a measure of changes in sales of the German retail sector. It shows the performance of the retail sector in the short term. Percent changes reflect the rate of changes of such sales.The changes are widely followed as an indicator of consumer spending. The positive economic growth anticipates "Bullish" for the EUR, while a low reading is seen as negative, or bearish, for the EUR.
05:00	EUR	average	Retail Sales (MoM)	0.8%
The Retail Sales released by the Statistisches Bundesamt Deutschland is a measure of changes in sales of the German retail sector. It shows the performance of the retail sector in the short term. Percent changes reflect the rate of changes of such sales.The changes are widely followed as an indicator of consumer spending. The positive economic growth usually anticipates "Bullish" for the EUR, while a low reading is seen as negative, or bearish, for the EUR.
05:00	EUR	average	Gross Domestic Product s.a (QoQ)	-0.2%	0.5%
The Gross Domestic Product released by the Statistisches Bundesamt Deutschland is a measure of the total value of all goods and services produced by Germany. The GDP is considered as a broad measure of the German economic activity and health. A high reading or a better than expected number has a positive effect on the EUR, while a falling trend is seen as negative (or bearish).
05:00	EUR	average	Gross Domestic Product w.d.a (YoY)	2%
The Gross Domestic Product released by the Statistisches Bundesamt Deutschland is a measure of the total value of all goods and services produced by Germany. The GDP is considered as a broad measure of the German economic activity and health. A high reading or a better than expected number has a positive effect on the EUR, while a falling trend is seen as negative (or bearish).
05:00	CHF	average	Trade Balance	1.688B	1.95B
The Trade Balance released by the Swiss Statistics Office 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. Generally speaking, 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. Review Alex Nekritin's Article - Trading the Swiss Franc with the Swiss Trade Balance
06:28	EUR	average	Purchasing Manager Index Services	52.2	52
The Services PMI released by the Markit Economics interviews German executives on the status of sales, employment, and their outlook. Because the performance of the German service sector is extremely consistent over time, services does not impact final GDP figures as much as the more volatile figure on the manufacturing sector. Any reading above 50 signals expansion, while a reading under 50 shows contraction.
06:28	EUR	average	Purchasing Manager Index Manufacturing	46.2	47
The Manufacturing Purchasing Managers Index (PMI) released by the Markit economics captures business conditions in the manufacturing sector. As the manufacturing sector dominates a large part of total GDP, the manufacturing PMI is an important indicator of business conditions and the overall economic condition in Germany. Normally, a result above 50 signals is bullish for the EUR, whereas a result below 50 is seen as bearish.
06:58	EUR	average	Purchasing Manager Index Services	46.9	46.7
The PMI service released by the Markit Economics is an indicator of the economic situation in the Euro Zone services sector. It captures an overview of the condition of sales and employment. It is worth noting that the European service sector does not influence, either positively or negatively, the GDP as much as the PMI manufacturing does. Any reading above 50 signals expansion, while a reading under 50 shows contraction. Usually a result above 50 is bullish for the EUR, whereas a result below 50 is seen as bearish.
06:58	EUR	average	Purchasing Manager Index Manufacturing	45.9	46
The Manufacturing Purchasing Managers Index (PMI) released by the Markit Economics captures business conditions in the manufacturing sector. As the manufacturing sector dominates a large part of total GDP, the manufacturing PMI is an important indicator of business conditions and the overall economic condition in the Euro Zone. Usually a result above 50 signals is bullish for the EUR, whereas a result below 50 is seen as bearish.
07:00	EUR	average	IFO - Expectations	102.7	102
The IFO Expectations released by the CESifo Group is closely watched as an early indicator of current conditions and business expectations for the next six months, where firms rate the future outlook as better, same, or worse. An optimistic view of those 7,000 business leaders and senior managers is considered as positive, or bullish for the EUR, whereas a pessimistic view is considered as negative, or bearish. Review Alex Nekritin's Article - Trading Euro with IFO Report
07:00	EUR	average	IFO - Business Climate	109.9	109.5
This German business sentiment index released by the CESifo Group is closely watched as an early indicator of current conditions and business expectations in Germany. The Institute surveys more than 7,000 enterprises on their assessment of the business situation and their short-term planning. The positive economic growth anticipates bullish movements for the EUR, while a low reading is seen as negative (or bearish). Review Alex Nekritin's Article - Trading Euro with IFO Report
07:00	EUR	average	IFO - Current Assessment	117.5	117.1
The IFO Current Assessment released by the CESifo Group is closely watched as an indicator of current conditions and business expectations in Germany. The Institute surveys more than 7,000 enterprises on their assessment of the business situation and their short-term planning. The positive economic growth anticipates bullish movements for the EUR, while a low reading is seen as negative (or bearish). Review Alex Nekritin's Article - Trading Euro with IFO Report
07:30	GBP	low	Retail Sales (MoM)	1.8%	-0.7%
The retail Sales released by the National Statistics measures the total receipts of retail stores. Monthly percent changes reflect the rate of changes of such sales. Changes in Retail Sales are widely followed as an indicator of consumer spending. Generally speaking, a high reading is seen as positive, or bullish for the GBP, while a low reading is seen as negative or bearish.
07:30	GBP	average	Total Business Investment (YoY)	1.6%	9.2%
The Total Business Investment released by the National Statistics presents the total amount of capital expenditures made by private firms. A large business investment is indicative of overall growth and demand in the UK economy. Generally speaking, a high reading is seen as positive (or bullish) for the GBP, while a low reading is seen as negative (or Bearish).
07:30	GBP	average	Retail Sales (YoY)	3.3%	0.7%
The retail Sales released by the National Statistics measures the total receipts of retail stores. Monthly percent changes reflect the rate of changes of such sales. Changes in Retail Sales are widely followed as an indicator of consumer spending. Generally speaking, a high reading is seen as positive, or bullish for the GBP, while a low reading is seen as negative or bearish.
07:30	GBP	low	Total Business Investment (QoQ)	-3.3%	-1%
The Total Business Investment released by the National Statistics presents the total amount of capital expenditures made by private firms. A large business investment is indicative of overall growth and demand in the UK economy. Generally speaking, a high reading is seen as positive (or bullish) for the GBP, while a low reading is seen as negative (or Bearish).
07:30	GBP	high	Gross Domestic Product (QoQ)	-0.3%	-0.2%
The Gross Domestic Product released by the National Statistics is a measure of the total value of all goods and services produced by the UK. The GDP is considered as a broad measure of the UK economic activity. Generally speaking, a rising trend has a positive effect on the GBP, while a falling trend is seen as negative (or bearish).
07:30	GBP	average	Retail Sales ex-Fuel (YoY)	2.8%	1%
The Retail Sales ex-fuel released by the National Statistics is a measure of changes in sales of the British retail sector excluding fuel. It shows the performance of the retail sector in the short term. Percent changes reflect the rate of changes of such sales. The changes are widely followed as an indicator of consumer spending. A high reading is seen as positive (or bullish) for the Pound, while a low reading is seen as negative (or bearish).
07:30	GBP	high	Gross Domestic Product (YoY)	0.5%
The Gross Domestic Product released by the National Statistics is a measure of the total value of all goods and services produced by the UK. The GDP is considered as a broad measure of the UK economic activity. Generally speaking, a rising trend has a positive effect on the GBP, while a falling trend is seen as negative (or bearish).
07:30	GBP	low	Retail Sales ex-Fuel (MoM)	1.5%	-0.8%
The Retail Sales ex-fuel released by the National Statistics is a measure of changes in sales of the British retail sector excluding fuel. It shows the performance of the retail sector in the short term. Percent changes reflect the rate of changes of such sales. The changes are widely followed as an indicator of consumer spending. A high reading is seen as positive (or bullish) for the Pound, while a low reading is seen as negative (or bearish).
07:30	GBP	low	Index of Services (3M/3M)	0.2%	0.2%
The Index of Services released by the National Statistics measures the monthly movements in gross value added for the service industries. It is worth noting that the UK service sector does not influence, either positively or negatively, the GDP as much as the Manufacturing sector does. Traders want the highest possible reading as that will be taken as positive for the GBP, while a low reading is negative.
11:30	USD	low	Initial Jobless Claims	370K	374K
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. Generally speaking, a decreasing number should be taken as positive or bullish for the USD.
11:30	USD	low	Continuing Jobless Claims	3.265M
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. Generally speaking, a high reading is seen as negative, or bearish for the USD, while a low reading is seen as positive, or bullish.
11:30	USD	average	Durable Goods Orders ex Transportation	-1.1%	1.3%
The Durable Goods Orders measures, released by the US Census Bureau, the cost of orders received by manufacturers for durable goods, which means goods planned to last for three years or more, excluding the transport sector. As those durable products often involve large investments they are sensitive to the US economic situation. Generally speaking, a high reading is bullish for the USD, while a low reading is seen as Bearish.
11:30	USD	average	Durable Goods Orders	-4.2%	0.7%
The Durable Goods Orders, released by the US Census Bureau, measures the cost of orders received by manufacturers for durable goods, which means goods planned to last for three years or more, such as motor vehicles and appliances. As those durable products often involve large investments they are sensitive to the US economic situation. The final figure shows the state of US production activity. Generally speaking, a high reading is bullish for the USD.
22:30	JPY	low	Tokyo CPI ex Food, Energy (YoY)	-0.1%	-1%
The Tokyo Consumer Price Index released by the Statistics Bureau is a measure of price movements obtained by comparison of the retail prices of a representative shopping basket of goods and services. These volatile products such as food and energy are excluded in order to capture an accurate calculation. CPI is the most significant way to measure changes in purchasing trends. The purchase power of JPY is dragged down by inflation. Generally a high reading is seen as positive for the JPY.
22:30	JPY	low	Tokyo CPI ex Fresh Food (YoY)	-0.5%	-0.5%
The Tokyo Consumer Price Index released by the Statistics Bureau is a measure of price movements obtained by comparison of the retail prices of a representative shopping basket of goods and services, excluding fresh food. The index captures inflation in Tokyo. The purchase power of JPY is dragged down by inflation. Generally a high reading is seen as positive for the JPY.
22:30	JPY	average	National Consumer Price Index (YoY)	0.5%	0.4%
The National Consumer Price Index is released by the Statistics Bureau and it's a measure of price movements obtained by comparison of the retail prices of a representative shopping basket of goods and services. CPI is the most significant way to measure changes in purchasing trends. The purchase power of JPY is dragged down by inflation. Generally a high reading is seen as positive for the JPY.
22:30	JPY	average	National CPI Ex Food, Energy (YoY)	-0.5%	-0.4%
The National Consumer Price Index released by the Statistics Bureau is a measure of price movements obtained by comparison of the retail prices of a representative shopping basket of goods and services. These volatile products such as food and energy are excluded in order to capture an accurate calculation. CPI is the most significant way to measure changes in purchasing trends. The purchase power of JPY is dragged down by inflation. Generally a high reading is seen as positive for the JPY.
22:30	JPY	average	National CPI Ex-Fresh Food (YoY)	0.2%	0.1%
The National Consumer Price Index is released by the Statistics Bureau and it's a measure of price movements obtained by comparison of the retail prices of a representative shopping basket of goods and services excluding fresh food. CPI is the most significant way to measure changes in purchasing trends. The purchase power of JPY is dragged down by inflation. Generally a high reading is seen as positive for the JPY.
22:30	JPY	low	Tokyo Consumer Price Index (YoY)	-0.3%	-0.3%
The Tokyo Consumer Price Index is released by the Statistics Bureau and it's a measure of price movements obtained by comparison of the retail prices of a representative shopping basket of goods and services. The index captures inflation in Tokyo. CPI is the most significant way to measure changes in purchasing trends. The purchase power of JPY is dragged down by inflation. Generally a high reading is seen as positive.

Economic calendar

21 May 2012, Monday

22 May 2012, Tuesday

23 May 2012, Wednesday

24 May 2012, Thursday

25 May 2012, Friday

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Five Fabulous Years, Together.

	Currency	Value	Event	Prev.	Forecast
05:00	EUR	average	Gfk Consumer Confidence Survey	5.6	5.8
The GfK Consumer Confidence is a leading index that measures the level of consumer confidence in economic activity. A high level of consumer confidence stimulates economic expansion while a low level drives to economic downturn. Generally speaking, a high reading is positive (or bullish) for the EUR, while a low reading is seen as negative (or bearish).
12:55	USD	average	Reuters/Michigan Consumer Sentiment Index	76.4	77.9
The Reuters/Michigan Consumer Sentiment Index released by the Reuters/University of Michigan is a survey of personal consumer confidence in economic activity. It shows a picture of whether or not consumers are willing to spend money. Generally speaking, a high reading anticipates positive (or bullish) for the USD, while a low reading is seen as negative (or bearish).

	May 2012
Mon	Tue	Wed	Thu	Fri	Sat	Sun
	1	2	3	4	5	6
7	8	9	10	11	12	13
14	15	16	17	18	19	20
21	22	23	24	25	26	27
28	29	30	31

	May 2012
Mon	Tue	Wed	Thu	Fri	Sat	Sun
	1	2	3	4	5	6
7	8	9	10	11	12	13
14	15	16	17	18	19	20
21	22	23	24	25	26	27
28	29	30	31

	May 2012
Mon	Tue	Wed	Thu	Fri	Sat	Sun
	1	2	3	4	5	6
7	8	9	10	11	12	13
14	15	16	17	18	19	20
21	22	23	24	25	26	27
28	29	30	31