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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
UK	12:00am	Consumer Confidence	47	47	51
		For December From the Nationwide
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%	1.8%	1.9%
		For November Provided by: Bank of Japan
UK	7:01pm	Consumer Confidence Index (NCCI)	47	47	51 Revised from 50
		For December (s.a.) Provided by: Nationwide Official Release: PDF Current Conditions: 28, pr. 30 (Nov), 36 (Oct), 40 (Sep), 47 (Aug), 50 (Jul) Expectations Index: 60, pr. 64 (Nov), 71 (Oct), 62 (Sep), 62 (Aug), 59 (Jul) Spending Index: 82, pr. 66 (Nov), 58 (Oct), 56 (Sep), 56 (Aug), 57 (Jul) Consumer confidence in the UK fell to the lowest level since 1999 when Nationwide began its survey. Though the spending index increased, consumers evaluation of their present and future conditions fell again this month. Consumer spending was down the most since 1995 in the third quarter, and GDP data for the 4th quarter is expected to be worse. From the Release: "The last consumer confidence report of 2008 shows that confidence fell further from 51 to 47 during December. Confidence in the labour market continues to dominate the overall index and news of troubled retailers and redundancies in the motor industry are likely to have affected sentiment during the month. Despite this, the Spending Index rose sharply during December suggesting that consumers believe that now is a good time to buy household items such as white and brown goods (for example, fridges and televisions etc). A flurry of pre-Christmas discounting seems to have improved confidence. However, recognizing that now is a good time to buy may not always indicate a willingness to part with hard cash."

Tuesday, January 06 \| EUR/USD - Euro Slides 300 Pips vs Dollar: The Euro continued falling against the Dollar, sliding another 300 pips to test the level around 1.33. That put the pair about 600 pips lower than where we started the week as traders price in a more aggressive ECB. The euro managed to recover some of its losses in the NY session as US data was weak, giving the downtrend a chance to retract about 50% of its fall. EUR/GBP - Euro Slides vs Pound for Second Straight Session: The Euro-Pound also fell heavily for a second straight session, as the luster behind the Euro is being sapped away. The pair fell 270 pips to the 0.9020 area, where it found some support. Last Friday we saw the uptrend trendline broken, and we have had significant follow-through. We will show you how the Pound fared against the dollar after we present today's US fundamental data. GBP/USD - Pound Climbs 500 Pips to an Intra-day High of 1.4960: Yesterday we saw the Pound-Dollar climbing from its support near 1.4450. In overnight trading the Pound gave up most of its gains, testing 1.45 for a brief moment before roaring to a 475 pip move in NY trading. That brought the pair to an intra-day high of 1.4960. USD/JPY - Dollar Rallies in Overnight Trading to 94.60: For a second session in a row the Dollar-Yen rallied in European trading, climbing 150 pips to set an intra-day high at 94.60. In early NY morning trading the Dollar retraced about two-thirds of its climb. Stocks were up in the US, despite the weak US data. Policy makers saw "substantial" risks to the slumping economy which justified them cutting rates to a record low while also pledging to expand emergency loans which would show up on the central banks balance sheet. Officials believe "the economic outlook would remain weak for a time and the downside risks to economic activity would be substantial" with the "distinct possibility of a prolonged recession." USD/CAD - Loonie Continues Gaining on Dollar on Oil Reaching $50: Just like in our previous pairs, the US Dollar-Canadian Dollar extended its move from yesterday after a correction to start the session. The pair fell to 1.1760 following the US fundamental news, which establishes a downward range for this pair. Today's low was the lowest this pair has been since the beginning of November. Just like yesterday higher oil prices were a catalyst for the Loonie's gains as oil rose above $50 a barrel before retreating. Market Highlights Nilsson's Commentary Full report: Greenback Mixed on Gloomy US Data Video Recap
Region	EST	Indicator	Actual	Forecast	Previous
UK	2:00am	Nationwide House Prices m/m	-2.5%	-1.5%	-0.4%
		For December Provided by: Nationwide House Prices Official Release: PDF House Prices y/y: -15.9%, forecast -14.7%, pr. -13.9% (Nov), -14.6% (Oct), -12.4% (Sep), -10.5% (Aug), -8.1% (Jul), -6.3% (Jun) Avg. Price: £153,048, pr. £158,442 (Nov), £158,872 (Oct), £161,797 (Sep), £164,654 (Aug), £169,316 (Jul), £172,415 (Jun) UK housing prices fell at a record rate in December, at least for this series which goes back to 1991. Prices plunged 2.5%, a sharper decline that was anticipated and follows a more tepid decline in November. The Bank of England meets this week and will continue to cut interest rates in order to stimulate the struggling British economy. Rates are now at 2%, but the drop in borrowing costs hasn't filtered down into an improvement in the housing sector. Mortgage approvals fell to their weakest level since at least 1999 in November and with banks continuing to suffer, they are more reluctant to lend. The British government will try to expand its program where it takes some of banks illiquid assets and trades it for government debt thereby pumping money into banks and spurring lending. From the Release: "The price of a typical house fell by 2.5% in December, a stark contrast with the modest fall of 0.4% in November. This brings the annual rate of fall over the last twelve months to 15.9%. However the three-month on three-month rate, which smoothes the volatility often seen in the monthly numbers, shows a fall of only 4.2% in December. This is its slowest pace since May 2008. The price of a typical house is now £153,048, around the same level as of spring 2005, but still over £17,500 more than five years ago. 2008 has been a year of turmoil in the UK housing market. The disruption in the financial markets worsened throughout 2008 and had larger implications for the real economy than we anticipated a year ago. This time last year we expected the housing market to cool quickly as affordability was poor and economic conditions looked set to weaken, but we did not anticipate the speed of house price falls or the extent of the global and domestic economic slowdown. While we underestimated the speed and size of the fall, with the benefit of hindsight, the path of prices in 2008 is understandable. Three main factors have been behind the sharp fall in prices: credit conditions, expectations and affordability."
EMU	4:00am	Services PMI	42.1	42.0	42.0
		Final Version for December Germany: 46.6, pr. 45.1 (Nov), 48.3 (Oct), 50.2 (Sep), 51.4 (Aug), 53.1 (Jul) France: 40.6, pr. 46.2 (Nov), 47.5 (Oct), 50.1 (Sep), 48.0 (Aug), 47.5 (Jul) Italy: 40.3, pr. 39.5 (Nov), 45.7 (Oct), 49.4 (Sep), 48.5 (Aug), 45.6 (Jul) The final version of activity in the services sector remained close to its preliminary release. Its the seventh month in a row that the sector, along with manufacturing, has contracted. In November the index was at 42.5. Compared to the middle of December when the preliminary release was revealed, expectations have shifted on how aggressive the ECB will be going forward. Where before expectations were for perhaps a one-and-done approach, now traders are seeing a shift towards more cuts. This sentiment was bolstered by comments by ECB Vice President Lucas Papademos, who on January 4th said that further interest-rate cuts may be necessary even after the ECB cut its key rate by 175 basis points since early October to 2.5%. Capsule Comment from Preliminary Release (12/16/08): "The services sector in the Euro-zone contracted at the fastest pace in at least a decade as the PMI fell to 42 in December from 42.5 in November. Along with another sharp contraction in manufacturing, it means the Euro-zone's recession is deepening. The economy is expected to shrink 0.5% next year, but ECB policy members are divided on whether to continue cutting interest rates aggressively. Traders are looking for a 50 basis point reduction in January, which would bring the rate to 2% the lowest in the ECB's 10 year history."
UK	4:30am	Services PMI	40.2	39.0	40.1
		For December Provided by: Chartered Institute of Purchasing and Supply (sub'n req'd) UK services contracted at close to the fastest pace in at least a dozen years as the PMI index edged up just slightly to 40.2 in December from 40.1 in November. Levels below 50 indicate contraction. In a silver lining to the data, expectations were for an deeper contraction in the sector, so though its too early to tell, the data may suggest the pace of decline may have stabilized. That would be the first sign of a bottom. Other data today showed housing prices plummeting and consumer confidence hitting a new low, so the UK economy is in no way out of the woods. Expectations are for a 50 to 75 basis point cut from the Bank of England on Thursday.
EMU	5:00am	Consumer Price Index y/y	1.6%	1.8%	2.1%
		Flash Estimate for December Provided by: EuroStat Official Release: PDF CPI m/m: pr. -0.5%, (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) The flash estimate of European consumer prices took another sharp turn downwards in December. The annual rate cooled to 1.6% from 2.1% in November, the lowest level the annual rate has been in more than two years. It's the first time the annual rate moved below the ECB's 2% ceiling for the first item since August 2007. Prices are being pushed down by lower oil prices and heavy discounts to end the year, though more detailed data will be available later in the month. The fall in inflation gives the ECB more leeway to move on interest rates as policy makers brace for more negative news from the economy. Last month, data on retail sales, manufacturing, services and lending to the private sector were all weak. The ECB has cut its key rate by 1.75% since early October but in December officials including Trichet tried to sound a hawkish tone. Those expectations, of perhaps one more cut and then a pause, are changing and the Euro is feeling the pressure as traders sell it to start the new year.
CAN	8:30am	Producer Price Index m/m	-2.6%	-0.9%	-0.1% Revised from 0.0%
		Industrial Product Price Index (IPPI) for November Provided by: Statistics Canada Official Release: Press Release PPI y/y: 5.9%, 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: -13.4%, forecast -9.0%, pr. -12.5% (Nov), -7.2% (Sep), -7.7% (Aug), 1.4% (Jul), 4.4% (Jun), 3.1% (May) From the Release: "In November, the steep drop in oil prices caused record monthly declines in the industrial product and raw materials price indexes. The Industrial Product Price Index (IPPI) decreased by 2.6%, while the Raw Materials Price Index by 13.4%. Year over year, the IPPI rose 5.9% in November, a substantial slowing of the growth of the index compared with the 9.5% rate posted in October. The IPPI's record 2.6% drop in November was the largest of three consecutive monthly declines, as well as the steepest decrease registered since the series was created in 1956. The contraction of prices for petroleum and coal products accelerated for a second straight month, decreasing 18.9% compared with a drop of 13.8% in October."
CAN	8:30am	Raw Materials Price Index m/m	-13.4%	-9.0%	-12.9% Revised from -12.5%
USA	10:00am	ISM Non-Manufacturing Index	40.6	36.9	37.3
		For December Latest Release Provided by: Institute of Supply Management Business Activity: 39.6, pr. 37.3 (Nov), 44.2 (Oct), 52.1 (Sep), 51.6 (Aug) New Orders: 39.9, pr. 35.4 (Nov), 44.0 (Oct), 50.8 (Sep), 49.7 (Aug) Employment: 34.7, pr. 31.3 (Nov), 41.5 (Oct), 44.2 (Sep), 45.4 (Aug) Prices Index: 36.0, pr. 36.6 (Nov), 53.4 (Oct), 70.0 (Sep), 72.9 (Aug) The index that measures the US services sector surprised forecasts and improved in December, climbing to 40.6 from 37.3. Though a measure below 50 still means contraction in the sector, it does suggest the pace of contraction is slowing, the first sign needed to see some stabilization and then a bottom. A breakdown of the sub-gauges is presented below. From the Release: "The NMI (Non-Manufacturing Index) registered 40.6 percent in December, 3.3 percentage points higher than the 37.3 percent registered in November, indicating contraction in the non-manufacturing sector for the third consecutive month, but at a slightly slower rate. The Non-Manufacturing Business Activity Index increased 6.6 percentage points to 39.6 percent. The New Orders Index increased 4.5 percentage points to 39.9 percent, and the Employment Index increased 3.4 percentage points to 34.7 percent. The Prices Index decreased 0.6 percentage point to 36 percent in December, indicating a decrease in prices from November. This is the lowest level for the index since it was first reported in 1997. According to the NMI, one non-manufacturing industry reported growth in December. Respondents' comments reflect concern about the overall decline in business, lack of funding, budget cuts and lower employment."
USA	10:00am	Pending Home Sales m/m	-4.0%	-0.9%	-4.2% Revised from -0.7%
		For November Provided by: National Association of Realtors Official Release: Press Release Sales y/y: -5.3%, pr. -1.0% (Oct), 1.6% (Sep), 8.8% (Aug), -6.8% (Jul), -12.3% (Jun), -14.0% (May), -13.1% (Apr) Pending home sales, a gauge used to help predict future home-sales activity saw a steep drop in November, blowing away forecasts estimates of a 0.9% decline. Also, October's data was revised sharply down to show a 4.2% drop from the original 0.7%. That put the overall index at its lowest level since the data series began in 2001. From the Release: "The Pending Home Sales Index, a forward-looking indicator based on contracts signed in November, fell 4.0 percent to 82.3 from a downwardly revised reading of 85.7 in October, and is 5.3 percent below November 2007 when it was 86.9. The current index is the lowest since the series began in 2001. Lawrence Yun, NAR chief economist, said a weakening was inevitable. “Mounting job losses and very weak consumer confidence deterred home buyers from signing contracts in November,” he said. “December’s housing market activity could be comparably lower due to ongoing problems in the economy, so a real estate-focused stimulus plan is urgently needed.” Yun said the outlook will depend heavily on the stimulus package. “With a proper real-estate focused stimulus measure, home sales could rise more than expected, by more than 10 percent to 5.5 million in 2009, and easily begin to stabilize home prices in many parts of the country. Stable home prices will, in turn, lessen foreclosure pressures and lay the foundations for a solid economic recovery as the nation’s 75 million homeowners regain confidence,” he said. The impact of mortgage interest rates declining to near 50-year lows in December is not reflected in current data."
USA	10:00am	Factory Orders	-4.6%	-2.5%	-6.0% Revised from -5.1%
		For November Provided by: US Census Bureau Ex. Trans.: -4.2%, pr. -4.2% (Oct), -3.7% (Sep), -3.3% (Aug), 1.0% (Jul) Ex. Defense: -4.7%, pr. -4.3% (Oct), -3.3% (Sep), -4.2% (Aug), 2.0% (Jul) Factory orders plunged in November, declining 4.6% on the month, almost double the fall expected by economists. In October orders were down 6%, and its the fourth month in a row that orders have declined. These weak orders reflect weaker business conditions for companies that are not restocking inventory. Demand for durable goods fell a revised 1.5% in November, they had originally been estimated sliding 1.0%. The transportation sector was hard hit, declining 7.6%, though those orders were down 12.8% in October. Still, November's data is now slightly dated though the larger than expected fall will weigh on analysis of the economy. The ISM non-manufacturing index, though still remaining in contraction, saw the pace of decline slow as the index rose to 40.6.
USA	2:00pm	FOMC Meeting Minutes
		Federal Open Market Committee (FOMC) Minutes for December 16th Provided by: Federal Reserve Official Release: HTML PDF Policy makers saw "substantial" risks to the slumping economy which justified them cutting rates to a record low while also pledging to expand emergency loans which would show up on the central banks balance sheet. Officials believe "the economic outlook would remain weak for a time and the downside risks to economic activity would be substantial" with the "distinct possibility of a prolonged recession." From the Release: "In the discussion of monetary policy for the intermeeting period, Committee members recognized that the large volume of excess reserves had already resulted in federal funds rates significantly below the target federal funds rate and the interest rate on excess reserves. They agreed that maintaining a low level of short-term interest rates and relying on the use of balance sheet policies and communications about monetary policy would be effective and appropriate in light of the sharp deterioration of the economic outlook and the appreciable easing of inflationary pressures. Maintaining that level of the federal funds rate implied a substantial further reduction in the target federal funds rate. Even with the additional use of nontraditional policies, the economic outlook would remain weak for a time and the downside risks to economic activity would be substantial. Moreover, inflation would continue to fall, reflecting both the drop in commodity prices that had already occurred and the buildup of economic slack; indeed some members saw significant risks that inflation could decline and persist for a time at uncomfortably low levels."
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)
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: