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Date Count. Event For Unit Imp. Act. Cons. Prev.
Sep 02 - 00:00 IT  IT Non-EU Trade balance Jul EUR mn
Sep 02 - 00:00 EU  EU EU Climate Commissioner Hedegaard speaks on Climate Finance in Switzerland
Sep 02 - 03:00 NO  NO Norges Bank Governor Gjedrem gives a speech at the "Government Intervention and Moral Hazard in the Financial Sector" research conference
Sep 02 - 05:30 FR  FR Unemployment Rate (Mainland) Q2 % 9.3 9.6 9.5
Sep 02 - 05:30 FR  FR Total Unemployment (change) Q2 k 4
Sep 02 - 05:30 FR  FR Unemployment Rate Q2 % 9.7 10 9.9
Sep 02 - 07:00 ES  ES Unemployment Aug k -73.8
Sep 02 - 08:00 IT  IT PPI (Total) Jul % y/y 4.1 4.3 3.5
Sep 02 - 08:00 IT  IT PPI (Total) Jul % m/m -0.1 0.4 0.2
Sep 02 - 08:00 GB  GB Halifax House Prices (2nd-4th) Aug %m/m -0.1 0.6
Sep 02 - 08:00 GB  GB Halifax House Prices (2nd-4th) Aug % 3mth y/y 4.5 4.9
Sep 02 - 09:00 EU  EU PPIMeasures changes in the selling prices of goods and services used by Euro-zone producers. Because producers tend to pass on higher costs to consumers as higher retail prices, the PPI is an early indicator of inflation. A higher PPI, especially when combined with high figures for other measures of inflation, will make the European Central Bank more inclined to raise interest rates. A low or falling PPI is indicative of declining prices, and may suggest an economic slowdown.

The Index headline is expressed as a month over month or annualized percentage change.

Note: The Euro-zone PPI excludes construction industry because it is vulnerable to seasonal price volatility that can distort index results.
Jul % y/y 3
Sep 02 - 09:00 EU  EU PPIMeasures changes in the selling prices of goods and services used by Euro-zone producers. Because producers tend to pass on higher costs to consumers as higher retail prices, the PPI is an early indicator of inflation. A higher PPI, especially when combined with high figures for other measures of inflation, will make the European Central Bank more inclined to raise interest rates. A low or falling PPI is indicative of declining prices, and may suggest an economic slowdown.

The Index headline is expressed as a month over month or annualized percentage change.

Note: The Euro-zone PPI excludes construction industry because it is vulnerable to seasonal price volatility that can distort index results.
Jul % m/m 0.1 0.3
Sep 02 - 09:30 SE  SE Riksbank Repo Rate published with the September Monetary Policy Update report.
Sep 02 - 11:00 SE  SE First Deputy Governor Oberg speaks on the latest Repo Rate decision in Stockholm
Sep 02 - 11:00 SE  SE Governor Ingves and MPC head Jansson particiate in a press conference about the Repo Rate decision
Sep 02 - 11:45 EU  EU ECB interest rate announcement
Sep 02 - 12:00 GB  GB BoE Executive Director for Financial Stability Haldane speaks at the Oxford China Business Forum
Sep 02 - 12:30 US  US Initial ClaimsThe number of individuals who filed for unemployment insurance for the first time during the past week. This is the nation's earliest economic data. The market impact fluctuates from week to week - there tends to be more focus on the release when traders need to diagnose recent developments, or when the reading is at extremes. 28-Aug k 472 475 478
Sep 02 - 12:30 US  US Non Farm Productivity (Final) Q2 % q/q ann 1.1 -1.9 -0.9
Sep 02 - 12:30 US  US Unit labour costs (Final) Q2 % q/q 1.1 1.2 0.2
Sep 02 - 12:30 EU  EU ECB press conference following interest rate announcement
Sep 02 - 13:00 US  US Federal Reserve Bank of Boston President Rosengren and Federal Reserve Bank of Cleveland President Pianal participate in "Reserve Bank President Perspective" discussion before the Federal Reserve REO
Sep 02 - 13:00 US  US Federal Reserve Chairman Bernanke testifies on "Causes of the Recent Financial and Economic Crisis".
Sep 02 - 14:00 US  US Pending Home SalesTracks residential housing contract activity of existing single-family homes. The Pending Home Sales report is an advanced read on trends in the US housing market. Housing is typically correlated to the overall state of the economy; particularly indicative of economic turning points. A sharp drop in housing demand typically acts as a warning signal of economic slowdown as buyers are reluctant to purchase houses when interest rates are high, disposable income is low, or consumer confidence is low. Conversely, a rebound in the housing market is often a leading indicator of an economic recovery.

The report headline is expressed in percentage change in pending home sales from previous month.
Jun % m/m -1 -2.6
Sep 02 - 14:00 US  US Factory ordersDollar volume of new orders, shipments, unfilled orders and inventories as reported by domestic manufacturers. Factor Orders is not a widely watched economic release. The Advance Release on Durable Goods Activity reported one week earlier tends grab more market attention, given that durable goods make up more than half of factory orders.

Factor Orders does provide a comprehensive look at the manufacturing sector. Specifically, the New Orders figure can act as a gauge of demand across industries while Shipments are indicative of supply. The Unfilled Orders and Inventory figures reconcile the balance between New Orders and Shipments; high Shipments are indicative of an excess of demand relative to supply, high Inventories signal an excess of supply over demand.

Figures are reported in billions of dollars and also in percent change from the previous month.

On a Technical Note: The New Orders figure measures the value of orders received by manufacturers for new products from both domestic and foreign sources. The total value of products shipped is calculated in Shipments while Unfilled Orders measures the value of goods backlogged for order but not yet shipped. Lastly, Inventories gauges the amount of unsold goods held by manufacturers .
Jul % m/m 0.2 -1.2
Sep 02 - 16:00 FR  FR ILO UnemploymentThe percentage of individuals in the labor force who are without jobs but are actively seeking work. A higher number of unemployed persons is generally a drain on the economy. Not only does it mean that resources are not being fully utilized, but it also results in lower consumer spending as there are fewer workers receiving paychecks.

The unemployment rate generally moves slowly, so changes of only a few tenths of a percent are still considered significant. Also note that the unemployment rate does not account for discouraged workers who have given up looking for work. Therefore, in an economically depressed environment the Unemployment Rate may not reflect the severity of economic conditions accurately.

The headline figures are the nominal and seasonally adjusted percentage of Unemployment Rate. The seasonal adjusted figure provides a more truthful read on France 's employment situation.

Note: Discouraged workers who are not actively seeking work are not included in labor force.
Aug
Sep 02 - 23:50 JP  JP Capital SpendingThe investment in new capital by Japanese corporations. Capital spending serves as an important indicator of growth, and plays large part in GDP. As capital spending increases it also suggests optimism in the economy. B usinesses and consumers o verall are apt to purchase expensive capital only when they foresee an expansion that would rationalize the expenditure. This is therefore one of the earliest signals of significant corporate escalation that can lead to real growth in the Japanese economy.

The headline figure is the percentage change from the previous year.
Q2 % y/y -6.5 -11.5
Sep 03 - 00:00 EU  EU EU Economic and Monetary Affairs Commisioner Rehn gives speech in Helsinki
Sep 03 - 00:45 GB  GB BoE Deputy Governor Tucker speaks at the Korea-FSB Financial Reform Conference
Sep 03 - 07:00 NO  NO NAV Unemployment (nsa) Aug % rate 3 3
Sep 03 - 07:00 NO  NO Norges Bank Deputy Governor Qvigstad to take part in a discussion on "Money, Macro and Finance" in Cyprus
Sep 03 - 08:00 EU  EU ECB Council Member Nowotny participates in a panel discussion at the European Forum Alpbach
Sep 03 - 09:00 IS  IS GDP Q2 % q/q 0.6
Sep 03 - 09:00 IS  IS GDP Q2 % y/y -6.9
Sep 03 - 12:30 US  US Hourly EarningsAn indicator of how the average level of pay is changing. The Average Hourly Earnings figure provides insight into future spending and inflation. A High Average Hourly Earnings bodes well for future consumption, as workers have more disposable income. High figures may indicate inflationary pressures due to employee's additional potential to spend. The figure is either measured in hourly or weekly averages or as a percent change from the previous month. Aug % m/m 0.1 0.2
Sep 03 - 12:30 US  US Non-farm PayrollsMonthly change in employment excluding the farming sector. Non-farm payrolls is the most closely watched indicator in the Employment Situation, considered the most comprehensive measure of job creation in the US. Such a distinction makes the NFP figure highly significant, given the importance of labor to the US economy. Specifically, political pressures come into play, as the Fed is responsible for keeping employment in a healthy range and utilizes interest rate changes to do so. A surge in new Non-farm Payrolls suggests rising employment and potential inflation pressures, which the Fed often counters with rate increases. On the other hand, a consistent decline in Non-farm Employment suggests a slowing economy, which makes a decline in rates more likely. Aug k -100 -131
Sep 03 - 12:30 US  US Unemployment RateThe percentage of people registered as unemployed in the United States. The figure is calculated by dividing the number of unemployed individuals in the labor force by the total labor force. Where the headline figure Change in Non-Farm Payrolls generally moves the market upon release, the Unemployment Rate serves as the most popular snap-shot figure for current labor conditions in the US.

The unemployment figure can give insight into the economy's production, consumption, earnings, and consumer sentiment. A lower unemployment rate equates to increased expenditure, as more people have jobs and wages to spend. Increased expenditure encourages economic growth, which can spark inflation pressures. Conversely, high levels of unemployment signal economic instability and weakened demand.

Persons are considered unemployed if they are able and willing to work but without a job and have actively sought employment within the last four weeks. The labor force includes all employed and unemployed individuals 16 years and older.
Aug % 9.6 9.5
Sep 03 - 14:00 US  US ISM Non-ManISM Non-Manufacturing gauge of business conditions in non-manufacturing industries, based on measures of employment trends, prices and new orders. Though non-manufacturing sectors make up the majority of the economy, the ISM Non-Manufacturing has less market impact because non-manufacturing data tends to be more cyclical and predictable. However, these sectors do account for a considerable portion of CPI. As a result, the figure gives insight into conditions which can impact output growth and inflationary pressures.

The ISM Non-Manufacturing Index is based on a sample survey of purchasing and supply executives, weighted according to industry contribution to GDP. The Index is calculated using 50% as the centerline between positive and negative expectations; the figure is reported in headlines as the percent change.

Note: There are 10 separate indexes reported, but Business Activity is considered the most important. The other nine indexes are: New Orders, Supplier Deliveries, Employment, Inventories, Prices, Backlog of Orders, New Export Orders, Imports, and Inventory Sentiment.
Aug index 53.2 54.3
Sep 03 - 14:00 US  US Federal Reserve Bank of Atlanta President Lockhart speaks in Tennessee on the economy
Sep 03 - 23:30 AU  AU AIG Performance of ManufacturingLevel of a diffusion index based on surveyed manufacturers. The survey of about 200 manufacturers which asks respondents to rate the relative level of business conditions including employment, production, new orders, prices, supplier deliveries, and inventories. Above 50.0 indicates industry expansion, below indicates contraction. Aug index 54.4
Sep 03 - 23:30 AU  AU AIG Performance of ServicesTracks monthly developments in the Australian services sector, condensing data into an overall boom or bust index. The composite index is based on the surveys for sales, new orders, employment, inventories and deliveries, compiled by American International Group. The AIG Performance of Service Index excludes industrial manufacturing sectors that tend to be volatile and seasonal, giving a clean picture of Australia's service sector that accounts for a majority of Aussie GDP. The headline number uses a 50 baseline, where above 50 signifies growth, while a number below 50 shows a contraction in the services sector. Aug index 46.6
Sep 04 - 00:00 EU  EU ECB President Trichet attends a forum on "Intellegence in the World, Europe and Italy"
Sep 05 - 23:30 AU  AU AIG Performance of Construction Aug index 43.3
Sep 06 - 00:00 JP  JP BoJ MPC meeting (6th-7th)
Sep 06 - 00:00 US  US Market Holiday- Labor Day
Sep 06 - 00:00 EU  EU EU President Van Rompuy meets with Finance Ministers to discuss reforms to Euro-region Management
Sep 06 - 00:00 CA  CA Market Holiday- Labour Day
Sep 06 - 00:00 NO  NO Norges Bank Governor Gjedrem gives a speech
Sep 06 - 00:30 AU  AU TD-MI Inflation GaugeA monthly estimate of inflation in the Australian economy. The report replicates the methodology used by the Australian Bureau of Statistics to calculate quarterly CPI, striving to correspond closely with official government numbers. The figure is important because it acts as a timelier indicator of inflation, coming out monthly instead of the quarterly CPI figures. Released one day before interest rate decisions are made, the figure may influence RBA considerations for rate hikes or reductions.

As with any gauge of inflation in Australia , a high value in the figure is bullish for the Australian dollar, since real inflationary pressures are usually met by the Reserve Bank of Australia with bullish rate hikes. The headline figure is the month-over-month or annualized inflation rate.
Aug % m/m 0.1
Sep 06 - 09:00 EU  EU Trade balance (nsa)The difference between the value of exports and imports in Germany. Trade Balance is one of the biggest components of Germany 's Balance of Payment. As Germany is Europe's largest economy and given Germany's export oriented economy, trade data can give critical insight into pressures on the value of the Euro.

In order to gauge the effect of German Trade Balance on the Euro, German trade is separated into intra-Euro-zone trades and extra-Euro-zone trades. Intra-trades between Germany and Euro-zone member countries have no affect on the overall valuation of Euro. Extra-trades between Germany and other countries outside of Euro-zone do impact the overall Euro-zone trade balance. Given Germany's large share of Euro-zone exports, the figure tends to move the market upon release.

Trade surpluses reflect funds coming into Germany in exchange for goods and services. Such currency inflows may lead to a natural appreciation of a Euro, unless countered by similar capital outflows. At a bare minimum, surpluses will boost up the value of the currency.

This is the the non-seasonally adjusted (nsa) data.
Jul EUR bn 2.4
Sep 06 - 09:00 EU  EU Trade balance (sa)The difference between the value of exports and imports in Germany. Trade Balance is one of the biggest components of Germany's Balance of Payment. As Germany is Europe's largest economy and given Germany's export oriented economy, trade data can give critical insight into pressures on the value of the Euro.

In order to gauge the effect of German Trade Balance on the Euro, German trade is separated into intra-Euro-zone trades and extra-Euro-zone trades. Intra-trades between Germany and Euro-zone member countries have no affect on the overall valuation of Euro. Extra-trades between Germany and other countries outside of Euro-zone do impact the overall Euro-zone trade balance. Given Germany's large share of Euro-zone exports, the figure tends to move the market upon release.

Trade surpluses reflect funds coming into Germany in exchange for goods and services. Such currency inflows may lead to a natural appreciation of a Euro, unless countered by similar capital outflows. At a bare minimum, surpluses will boost up the value of the currency.

This is the seasonally adjusted (sa) data, not to be confused with the non-seasonally adjusted (nsa) number.
Jul EUR bn -1.6
Sep 06 - 09:00 EU  EU ECB Executive Board Member Stark participates in a conference on the stability of the Euro (6th-7th Sept)
Sep 06 - 23:01 GB  GB BRC Retail Sales Monitor Aug % y/y 2.6
Sep 07 - 00:00 JP  JP BoJ MPC interest rate decisionThe Bank of Japan Policy Board meets once a month for two days to discuss economic developments inside and outside of the country. The culmination of the meeting is the announcement of any adjustments to interest rates or other aspects of monetary policy.

Like any central bank the BOJ is tasked with ensuring price stability while taking into account economic growth, employment, and recommendations from the elected government. With this goal in mind, a "Guideline for Money Market Operations" is established at each meeting. Changes in the rate have far-reaching consequences, affecting consumer loans, mortgages, bonds and the exchange rate of the Yen. The statement is the Bank of Japan's collective outlook on the economy as well as a source for clues on future monetary policy decisions. When it comes to interest rates, the future direction of rates is usually far more important than its current rate.
Sep 07 - 00:00 EU  EU EU FinMins hold meeting
Sep 07 - 04:30 AU  AU RBA Interest Rate announcement
Sep 07 - 04:30 AU  AU RBA Board Meeting outcome announced
Sep 07 - 05:00 JP  JP Leading indicator (Prelim) Jul index 98.2 99
Sep 07 - 05:45 CH  CH Unemployment Rate (sa) Aug % 3.8
Sep 07 - 05:45 CH  CH Unemployment Rate Aug % 3.6
Sep 07 - 06:30 NO  NO Consumer Confidence Q3 index 15.8
Sep 07 - 07:30 SE  SE Budget Balance Aug SEK bn 12.5
Sep 07 - 19:00 US  US Consumer Credit Jul $ bn -5.5 -1.34
Sep 07 - 23:01 GB  GB BRC Shop price indexA monthly indicator of price changes at the most popular retail outlets in the United Kingdom. The index takes into account five hundred of the most commonly purchased goods and gives insight into consumer-price inflation. Shop Prices differentiate themselves from British CPI by coming out days before the headline inflation figure. Increases in the BRC Shop Price Index are bullish for the Pound, given that the Bank of England usually raises interest rates to control inflation reflected in the BRC. Conversely, a falling BRC Shop Price Index suggests falling price pressures.

BRC appear in the headlines as the monthly percentage change for the BRC Shop Price Index.
Aug % y/y 1.5
Sep 07 - 23:01 GB  GB KPMG/REC Report on Jobs (Permanent placements) Aug Index 60.2
Sep 07 - 23:50 JP  JP M2 Money Supply Aug % y/y 2.7
Sep 07 - 23:50 JP  JP Bank Lending DataThe value of all outstanding loans with Japanese banks. Bank lending is important because lending increases with increased business confidence and investment. It is particularly insightful for the Japanese economy because of the weakness that has plagued the Japanese banking sector. The headline number is for total loans and discounts and is a percentage change from the previous year. Aug % y/y -1.8
Sep 08 - 06:00 DE  DE Current Account (nsa)The German Current Account acts as a gauge for how Germany's economy interacts with the rest of the world. Current account is one of the three components (Financial Account, Capital Account and Current Account) that make up a country's Balance of Payments, the detailed accounting of all international interactions. Where the other side of the Balance of Payments, Capital and Financial Accounts, deals mainly with financial assets and investments, the Current Account gives a detailed breakdown of how the country intermingles with rest of the global economy on a routine, non-investment basis.

The Current Account tracks the trade balance (exports and imports for goods and services), income payments (such as interest, dividends and salaries) and unilateral transfers (aid, taxes, and one-way gifts). A positive value (current account surplus) records that the flow of capital from these components into Germany exceeds the capital leaving the country. A negative value (current account deficit) means that there is a net capital outflow from these sources. Since the German economy is by far the largest in the EU, German Current Account has significant weight on the Euro. Persistent Current Account surpluses may lead to a natural appreciation of a currency, as trade, income and transfer payments usually reflect Euros coming into the country (just as underlying deficit act as depreciating weight).

There are a number of factors that often work to diminish the impact of the Current Account release on the market. The report is not very timely, released monthly about two weeks after the reporting period. In addition, many of the components that lead to the final Current Account, such as production and trade figures, are known well in advance. Lastly, since the report reflect data for a specific reporting month, any significant developments in the Current Account should plausibly have been already felt during that month and not during the release of data. But due to the significance of German Current Account in tracking foreign exchange developments, the report has a history of moving markets upon release.

The headline number is the Current Account balance and the percentage change in the Current Account from the previous month.
Jul EUR bn 13.6 12.9
Sep 08 - 06:00 DE  DE Trade BalanceThe difference between the value of exports and imports in Germany. Trade Balance is one of the biggest components of Germany 's Balance of Payment. As Germany is Europe's largest economy and given Germany's export oriented economy, trade data can give critical insight into pressures on the value of the Euro.

In order to gauge the effect of German Trade Balance on the Euro, German trade is separated into intra-Euro-zone trades and extra-Euro-zone trades. Intra-trades between Germany and Euro-zone member countries have no affect on the overall valuation of Euro. Extra-trades between Germany and other countries outside of Euro-zone do impact the overall Euro-zone trade balance. Given Germany's large share of Euro-zone exports, the figure tends to move the market upon release.

Trade surpluses reflect funds coming into Germany in exchange for goods and services. Such currency inflows may lead to a natural appreciation of a Euro, unless countered by similar capital outflows. At a bare minimum, surpluses will boost up the value of the currency.
Jul EUR bn 12 14.1
Sep 08 - 06:30 FR  FR BoF Business Sentiment Aug Index 101
Sep 08 - 06:45 FR  FR Trade BalanceThe French Current Account is the sum of the trade balance on goods and services, net income payments, and net current transfers. The trade balance on goods and services is the value of exports minus the value of imports. Net income payments is the amount of income generated for French nationals from foreign assets, like stocks and bonds, minus the amount paid to foreign nationals who own French assets. Lastly, transfer payments represent unilateral payments to and from the country, such as foreign aid donations and foreign worker salaries being sent home. Current account is one of the three components (Financial Account, Capital Account and Current Account) that make up a country's Balance of Payments.

The flow of goods and services (trade balance) usually makes up most of the Current Account. Hence, a trade surplus is likely to contribute to a Current Account surplus while a trade deficit will likely cause a Current Account deficit. Generally the French current account is a useful measure of international trade flows that directly affect the value of Euro. A French current account surplus means that more Euros are flowing into France and this puts upward pressure on the value of the Euro. On the contrary a current account deficit reflects Euros leaking out of France; this can exert downward pressure on value of the Euro.
Jul EUR bn -3.8
Sep 08 - 06:45 FR  FR Central Govt. Balance Jul EUR bn -61.7
Sep 08 - 07:00 ES  ES Industrial production (wda) Jul % y/y 3
Sep 08 - 07:30 SE  SE GDP (sa) (Final) Q2 % q/q 1.2
Sep 08 - 07:30 SE  SE GDP (wda) (Final) Q2 % y/y 3.7
Sep 08 - 13:00 CA  CA BoC announce key policy interest rate
Sep 08 - 13:00 BE  BE GDP (Final) Q2 % q/q 0.7
Sep 08 - 13:00 BE  BE GDP (Final) Q2 % y/y 2.2
Sep 08 - 16:00 LU  LU Prime Minister Juncker, ECB Council Member Mersch and European Investment Bank President Maystsdt speak at the Economic and Monetary Union
Sep 08 - 18:00 US  US Fed release Beige Book
Sep 08 - 18:30 US  US Federal Reserve Bank of Minneapolis President Kocherlakota gives speech on "Inside the FOMC" at a business leader's luncheon