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Sunday, January 04
Region	EST	Indicator	Actual	Forecast	Previous
USA	1:15pm	FOMC Member Yellen Speaks
		Comments on "The Revival of Fiscal Policy" Provided by: Federal Reserve Bank of San Fransisco Offfical Release: Speech (PDF)
USA	5:50pm	FOMC Member Yellen Speaks
		US Monetary Policy Objectives in the Short and Long Run Provided by: Federal Reserve Bank of San Fransisco Official Release: Speech (PDF)

Monday, January 05 \| EUR/USD - Euro Plummets 400 Pips to Start the Week: Turning to our market highlights for the day, we see a very sharp drop in the Euro-Dollar pair, amounting to more than 400 pips from high to low. The main theme today that fueled Dollar strength was speculation that President-elect Barack Obama's fiscal stimulus plan will help the US recover from its recession. More details were released about the plan, including a larger than expected amount that will go towards tax breaks for individuals and companies. The Euro-Dollar pair slid from its high near 1.3960 to test 1.3550. That put the pair at a 3-week low. EUR/GBP - Pound Has Biggest One-Day Gain vs Euro Since Euro's Inception: The Euro also suffered its biggest one day loss against the Pound, also a slide of nearly 400 pips. Such a sharp fall will most likely stall the pair's climb to parity which we saw the last couple of weeks. Expectations increased that the ECB's hawkish language about slowing down their pace of interest rate cuts will be altered as negative news pours in from the Euro-zone and inflation keeps slowing. Comments from the ECB vice president echoed those sentiments. The Pound was boosted by plans by Bank of England Governor Mervyn King to expand the 200-billion pound program that allows banks to swap illiquid securities for government debt. GBP/USD - Pound Gains on Dollar on BOE Plans: The Pound-Dollar pair rose about 270 pips from its low in favor of the Pound, making the Pound the strongest currency out of the three we have mentioned so far. The pair has established a clear line of support near the 1.44 level, and is now moving back into the consolidation zone we saw two weeks ago between 1.47 and 1.48. USD/JPY - Dollar Up On Yen as European ad Asian Stocks Advance: The Dollar-Yen pair shot up 150 pips today, mainly in European trading as stocks in both Asia and Europe advanced, increasing risk appetite. Commodities were up helping oil producers. Today's gains put the pair about 230 pips higher than the resistance turned support level near 90.90. US equities traded back and forth in morning trading but fell into the red as figures on domestic vehicle sales rolled in. That stalled the greenback's gains near 93.50. USD/CAD - Loonie Surges on Higher Oil Prices: In our final pair, we focus on the US Dollar-Canadian Dollar which saw a steep drop as oil prices rose. By the NY session oil prices were up $2, putting the price of a barrel at $48.50. The Loonie took advantage gaining almost 325 pips in NY trading, after hitting a high near 1.2225 prior to the NY open. Market Highlights Nilsson's Commentary Full report: Yen Falls as Risk Aversion Decreases Video Recap
Region	EST	Indicator	Actual	Forecast	Previous
SWZ	3:30am	SVME PMI	36.9	34.8	35.2
		For December Provided by: Credit Suise Official Release: PDF The SVME PMI also rose from its all time low, following 8 straight months of declines. Expectations were for a lower reading. Still, a figure below 50 represents contraction in manager's purchases.
EMU	4:30am	Sentix Investor Confidence	-34.4	-44.0	-42.3
		For January Provided by: Sentix The Sentix investor confidence index snapped a 7 month streak of drop to post its first improvement for the January period. The index rose to -34.4 from its record low of -42.3 in December. Investor sentiment was boosted by interest-rate cuts and government measures that should work to stimulate the Euro-zone economy.
UK	4:30am	Construction PMI	29.3	30.5	31.8
		For December Provided by: Chartered Institute of Purchasing and Supply (CIPS) (sub. req'd) In the UK, the construction PMI fell to 29.3, reflecting a deepening of the contraction in that sector. With the housing market reeling in the UK, the construction industry has gone into hibernation.
USA	10:00am	Construction Spending	-0.6%	-1.3%	-0.4% Revised from -1.2%
		Monthly Change for November Official Release: PDF In the US, construction spending for the month of November fell 0.6%, but this was better than forecasts. The report showed that gains in the commercial and government buildings partially cushioned the slump in residential real estate. From the Release: "The U.S. Census Bureau of the Department of Commerce announced today that construction spending during November 2008 was estimated at a seasonally adjusted annual rate of $1,078.4 billion, 0.6 percent (±1.6%)* below the revised October estimate of $1,085.3 billion. The November figure is 3.3 percent (±2.2%) below the November 2007 estimate of $1,115.3 billion. During the first 11 months of this year, construction spending amounted to $998.4 billion, 5.3 percent (±1.3%) below the $1,054.3 billion for the same period in 2007."
USA	1:15pm	FOMC Member Yellen Speaks
		Provided by: Federal Reserve Bank of San Fransisco
USA	4:00pm	Motor Vehicle Sales	10.3M	10.0M	10.2M
		Domestic Sales for December Provided by: Motor Intelligence
AUS	5:30pm	Services PMI	39.3		37.8
		For December (s.a.) Provided by: Australian Industry Group (AIG) Official Release: HTML PDF From the Release: "Persistent weak demand lead to a ninth consecutive decline in services sector activity in December. The Australian PSI® rose 1.5 points to 39.3. The slight moderation in the rate of decline in services activity was largely due to softer falls in the property & business services and transport & storage sectors. This largely reflected a marginal improvement in the property market; demand for transport services in the lead-up to Christmas; and lower fuel costs. Sales, new orders and inventories all decreased at a slower rate in December, with the pace of job-shedding remaining broadly steady. Capacity utilisation rose slightly, while input cost increases moderated further."
JPN	6:50pm	Monetary Base y/y		1.8%	1.9%
		For November Provided by: Bank of Japan

Tuesday, January 06
Region	EST	Indicator	Actual	Forecast	Previous
UK	2:00am	Nationwide House Prices m/m		-1.5%	-0.4%
		For December Provided by: Nationwide House Prices Previous Release: PDF House Prices y/y: forecast -14.7%, pr. -13.9% (Nov), -14.6% (Oct), -12.4% (Sep), -10.5% (Aug), -8.1% (Jul), -6.3% (Jun) Avg. Price: pr. £158,442 (Nov), £158,872 (Oct), £161,797 (Sep), £164,654 (Aug), £169,316 (Jul), £172,415 (Jun)
EMU	4:00am	Services PMI		42.0	42.0
		Final Version for December Germany: pr. 45.1 (Nov), 48.3 (Oct), 50.2 (Sep), 51.4 (Aug), 53.1 (Jul) France: pr. 46.2 (Nov), 47.5 (Oct), 50.1 (Sep), 48.0 (Aug), 47.5 (Jul) Italy: pr. 39.5 (Nov), 45.7 (Oct), 49.4 (Sep), 48.5 (Aug), 45.6 (Jul)
UK	4:30am	Services PMI		39.0	40.1
		For December Provided by: Chartered Institute of Purchasing and Supply (sub'n req'd)
EMU	5:00am	Consumer Price Index y/y		1.8%	2.1%
		Flash Estimate for December Provided by: EuroStat Previous Release: PDF CPI m/m: pr. (Nov), 0.0% (Oct), 0.2% (Sep), -0.1% (Aug), Core CPI y/y: pr. 1.9% (Nov), 1.9% (Oct), 1.9% (Sep), 1.9% (Aug)
CAN	8:30am	Producer Price Index m/m		-0.9%	0.0%
		Industrial Product Price Index (IPPI) for November Provided by: Statistics Canada Previous Release: Press Release PPI y/y: pr. 9.5% (Nov), 8.2% (Sep), 8.5% (Aug), 6.8% (Jul), 5.4% (Jun), 2.7% (May), 1.0% (Apr) RMPI m/m: forecast -9.0%, pr. -12.5% (Nov), -7.2% (Sep), -7.7% (Aug), 1.4% (Jul), 4.4% (Jun), 3.1% (May)
CAN	8:30am	Raw Materials Price Index m/m		-9.0%	-12.5%
USA	10:00am	ISM Non-Manufacturing Index		36.9	37.3
		For December Latest Release Provided by: Institute of Supply Management Business Activity Index: pr. 37.3 (Nov), 44.2 (Oct), 52.1 (Sep), 51.6 (Aug) New Orders Index: pr. 35.4 (Nov), 44.0 (Oct), 50.8 (Sep), 49.7 (Aug) Employment Index: pr. 31.3 (Nov), 41.5 (Oct), 44.2 (Sep), 45.4 (Aug) Prices Index: pr. 36.6 (Nov), 53.4 (Oct), 70.0 (Sep), 72.9 (Aug)
USA	10:00am	Pending Home Sales m/m		-0.9%	-0.7%
		For November Provided by: National Association of Realtors Previous Release: Press Release Sales y/y: pr. -1.0% (Oct), 1.6% (Sep), 8.8% (Aug), -6.8% (Jul), -12.3% (Jun), -14.0% (May), -13.1% (Apr)
USA	10:00am	Factory Orders		-2.5%	-5.1%
		For November Provided by: US Census Bureau Ex. Transportation: pr. -4.2%, -3.7% (Oct), -3.3% (Sep), 1.0% (Aug) Ex. Defense: pr. -4.3%, -3.3% (Oct), -4.2% (Sep), 2.0% (Aug)
USA	2:00pm	FOMC Meeting Minutes
		Federal Open Market Committee (FOMC) Minutes for December 16th Provided by: Federal Reserve Previous Release: HTML PDF
NZ	4:45pm	Trade Balance		-838M	-942M
		For November Provided by: Statistics New Zealand Previous Release: PDF Exports: 3.83B, pr. 3.17B (Sep), 3.6B (Aug), 3.42B (Jul), 3.59B (Jun) Imports: 4.78B, pr. 4.35B (Sep), 4.32B (Aug), 4.23B (Jul), 3.81B (Jun)
UK	7:01pm	Consumer Confidence Index (NCCI)			50
		For December (s.a.) Provided by: Nationwide Previous Release: PDF Current Conditions: pr. 32 (Nov), 35 (Oct), 39 (Sep), 46 (Aug), 49 (Jul) Expectations Index: pr. 67 (Nov), 69 (Oct), 58 (Sep), 58 (Aug), 55 (Jul) Spending Index: pr. 69 (Nov), 55 (Oct), 53 (Sep), 52 (Aug), 53 (Jul)
AUS	7:30pm	Retail Sales m/m			0.2%
		For November (Trends Basis) Official Release: Australian Bureau of Statistics Retail Sales m/m (s.a.): pr. 0.7% (Oct), -1.1% (Sep), 0.5% (Aug) Retail Sales y/y (s.a.): pr. 2.0% (Oct), 1.6% (Sep), 3.5% (Aug)
AUS	8:00pm	New Home Sales			4.5%
		For November Provided by: Housing Industry Association
NZ	9:00pm	Commodity Price Index (ANZ)			-7.2%
		For December Provided by: ANZ National Bank Data: Excel Spreadsheet

Wednesday, January 07
Region	EST	Indicator	Actual	Forecast	Previous
EMU	2:00am	ECB President Trichet Speaks
		Provided by: European Central Bank
GER	2:00am	Wholesale Price Index m/m		-1.7%	-3.3%
		For December Provided by: Federal Statistics Office Previous Release: Press Release WPI y/y: forecast 2.0%, pr. -0.8% (Nov), 3.6% (Oct), 5.8% (Sep), 7.4% (Aug), 9.9% (Jul), 8.9% (Jun), 8.1% (May)
GER	3:55am	Unemployment Change		10K	-10K
		For December (s.a.) Provided by: Federal Labor Agency Previous Release: HTML Unempl. Rate (s.a.): pr. 7.5% (Nov), 7.5% (Oct), 7.6% (Sep), 7.6% (Aug), 7.8% (Jul), 7.8% (Jun) Unempl Rate (unadj.): pr. 7.1% (Nov), 7.2% (Oct), 7.4% (Sep) ILO Unempl. Rate: pr. 7.1% (Nov), 7.1% (Oct), 7.2% (Sep)
EMU	5:00am	Producer Price Index m/m		-1.1%	-0.8%
		For November Provided by: EuroStat Previous Release: PDF PPI y/y: forecast 4.5%, pr. 6.3% (Oct), 7.9% (Sep), 8.5% (Aug), 9.0% (Jul), 8.0% (Jun), 7.1% (May), 6.1% (Apr), 5.8% (Mar)
UK	5:30am	BRC Shop Price Index y/y			2.7%
		For December Provided by: British Retail Consortium Previous Release: DOC Shop Prices m/m: pr. 0.2% (Nov), -0.1% (Oct), 0.0% (Sep), 0.5% (Aug), 0.1% (Jul)
USA	8:15am	ADP Employment Change		-450K	-472K
		For December Provided by: Automatic Data Processing Previous Release: PDF
AUS	5:30pm	Construction PMI			32.0
		For December Provided by: Australian Industry Group
AUS	7:30pm	Building Approvals		-1.3%	-5.4%
		For November m/m (s.a.) Provided by: Australian Bureau of Statistics (ABS) Approvals y/y: pr. -26.0% (Oct), -21.6% (Sep), -8.6% (Aug), -3.7% (Jul), -7.8% (Jun), -0.4% (May), 5.2% (Apr)
AUS	7:30pm	Trade Balance		2.15B	2.95B
		For NOvember Release Provided by: Australian Bureau of Statistics Imports m/m: pr. 0% (Nov), 7% (Oct), -2.0% (Aug), 4.0% (Jul), -1.0% (Jun) Exports m/m: pr. 7% (Nov), 8% (Oct), 6.0% (Aug), -1.0% (Jul), 2.0% (Jun)

Thursday, January 08
Region	EST	Indicator	Actual	Forecast	Previous
SWZ	1:45am	Consumer Price Index m/m		-0.3%	-0.7%
		For December Provided by: Swiss Federal Statistics Office CPI y/y: forecast -0.9%, pr. 1.5% (Nov), 2.6% (Oct), 2.9% (Sep), 2.9% (Aug), 3.1% (Jul), 2.9% (Jun), 2.9% (May), 2.3% (Apr)
SWZ	1:45am	Unemployment Rate		2.8%	2.7%
		For December (s.a.) Provided by: Swiss Federal Statistics Office Unempl. Rate n.s.a.: forecast 2.9%, pr. 2.7% (Nov), 2.5% (Oct), 2.4% (Sep), 2.4% (Aug), 2.3% (Jul), 2.3% (Jun), 2.4% (May)
GER	2:00am	Trade Balance		13.6B	15.8B
		For November (s.a.) Provided by: German Federal Statistics Office (Destatis) Previous Release: Press Release Trade Balance (n.s.a): forecast 15.0B, pr. 16.4B (Oct), 15.0B (Sep), 10.6B (Aug), Imports (s.a.) m/m: pr. -3.5% (Oct), 0.9% (Sep), 2.5% (Aug), 7.4% (Jul), -0.4% (Jun) Exports (s.a.) m/m: pr. -0.5% (Oct), 0.7 (Sep), 0.5% (Aug), -1.7% (Jul), 4.1% (Jun)
EMU	5:00am	Consumer Confidence		-26	-25
		For December Provided by: European Commission Official Release: PDF
EMU	5:00am	Economic Sentiment Indicator			74.9
		For December Provided by: European Commission Previous Release: PDF Services: forecast -13, pr. -12 (Nov), -6 (Oct), 0 (Sep), 1 (Aug), 1 (Jul), 9 (Jun), 8 (May), Industrial: forecast -30, pr. -25 (Nov), -18 (Oct), -12 (Sep), -9 (Aug), -8 (Jul), -5 (Jun), -2 (May) Consumer: forecast -26, pr. -25 (Nov), -24 (Oct), -19 (Sep), -19 (Aug), -20 (Jul), -17 (Jun), -15 (May)
EMU	5:00am	Business Climate Indicator		-2.8	-2.14
		For December Provided by: European Commission Previous Release: PDF
EMU	5:00am	Unemployment Rate		7.8%	7.7%
		For November (s.a.) Provided by EuroStat Previous Release: PDF
GER	6:00am	Factory Orders m/m		-1.6%	-6.1%
		For November (s.a.) Provided by: The Ministry of Economics and Technology Orders y/y: forecast -19.7%, pr. -17.3% (Nov), -2.7% (Oct), -7.6% (Aug), -0.3% (Jul), -6.0% (Jun), -2.5% (May)
UK	7:00am	BOE Interest Rate Statement		1.50%	2.00%
		Provided by: Bank of England Previous Release: Statement
USA	8:30am	Jobless Claims		540K	492K
		For Week Ending January 2nd Current Release: The Department of Labor 4-Week M.A. (Jan 2): pr. 552K, 558K, 543.7, 540.5K, 524.5, 518K, 506.5K Cont. Claims (Dec 27): pr. 4.50M, 4.38M, 4.43M, 4.08M, 3.96M, 4.01M
CAN	10:00am	Ivey PMI		38.0	40.2
		For December Most Current Release: Ivey Purchasing Managers Index
USA	3:00pm	Consumer Credit m/m		-0.5B	-3.5B
		For November Provided by: Federal Reserve

Friday, January 09
Region	EST	Indicator	Actual	Forecast	Previous
JPN	12:00am	Leading Index		81.4%	85.2%
		Preliminary Measure for November Provided by: Cabinet Office Coincident Index: pr. 97.6% (Oct), 100.8% (Sep), 100.6% (Aug), 103.3% (Jul), 101.7% (Jun), 103.0% (May), 101.7% (Apr)
GER	2:00am	Retail Sales m/m		0.4%	-2.2% Revised from -1.6%
		For November (s.a.) Provided by: Federal Statistics Office (Destatis) Previous Release: Press Release Retail Sales y/y: -0.3%, pr. -0.3% (Oct), 2.4% (Sep), -3.0% (Aug), 0.0% (Jul), -3.9% (Jun), 0.7% (May), -0.2% (Apr), pr. -6.8% (Mar)
UK	4:30am	Manufacturing Production		-0.5%	-1.4%
		For November Provided by: Office of National Statistics (ONS) Previous Release: PDF Manufact. Prod. y/y: forecast -5.2%, pr. -4.9% (Oct), -3.1%, (Sep), -2.0% (Aug), -1.4% (Jul), -1.5% (Jun), -0.8% (May), 0.1% (Apr)
UK	4:30am	Industrial Production		-0.5%	-1.7%
		For November Provided by: Office of National Statistics (ONS) Previous Release: HTML PDF Ind. Prod. y/y: forecast -5.2%, pr. -5.2% (Oct), -2.9% (Sep), -2.3% (Aug), -1.9% (Jul), -1.7% (Jun), -1.6% (May), 0.2% (Apr)
UK	4:30am	Producer Price Index Output		-0.7%	-0.7%
		For December Provided by Office of National Statistics (ONS) Output y/y: forecast 4.6%, pr. 5.1% (Nov), 6.7% (Oct), 8.5% (Sep), 8.5% (Aug), 10.2% (Jul), 10.8% (Jun) Output Core m/m: forecast -0.3%, pr. 0.2% (Nov), -0.5% (Oct), -0.5% (Sep), -0.1% (Aug), 0.3% (Jul) Output Core y/y: pr. 4.1% (Nov), 4.9% (Oct), 5.5% (Sep), 5.6% (Aug), 6.8% (Jul)
UK	4:30am	Producer Price Index Input		-2.0%	-3.3%
		For December Provided by: Office of National Statistics Input y/y: forecast 3.0%, pr. 7.5% (Nov), 13.8% (Oct), 24.0% (Sep), 28.8% (Aug), 30.1% (Jul), 30.8% (Jun)
EMU	5:00am	Retail Sales m/m		0.1%	-0.8%
		For November Provided by: Eurostat Previous Release: PDF Retail Sales y/y: forecast -1.6%, pr. -2.1% (Oct), -1.6% (Sep), -1.5% (Aug), -1.8% (Jul), -3.2% (Jun), 0.2% (May), -2.9% (Apr)
GER	6:00am	Industrial Production m/m		-2.0%	-2.1%
		For November (s.a.) Provided by: Economy and Technology Ministry Ind. Prod. (s.a.) y/y: forecast -5.5%, pr. -3.8% (Oct), -2.1% (Sep), 1.7% (Aug), 3.5% (Jul), 1.5% (Jun), 1.1% (May)
CAN	7:00am	Employment Change		-21.0K	-70.6K
		For December Latest Official Release: Statistics Canada Unemp. Rate: forecast 6.5%, pr. 6.3% (Nov), 6.2% (Oct), 6.1% (Sep), 6.1% (Aug), 6.1% (Jul), 6.2% (Jun)
CAN	7:00am	Unemployment Rate		6.5%	6.3%
CAN	8:15am	Housing Starts		175K	172K
		For December Provided by: Canada Mortgage and Housing Corporation (CMHC) Previous Release: News Release
CAN	8:30am	Building Permits		-3.7%	-15.7%
		For November Provided by: Statistics Canada Previous Release: News Release