CALENDAR 19 NOVEMBER 2007 – 23 NOVEMBER 2007

Monday, November 19, 2007
-GMT 05:00 USA Fed's Stern Speaks in Singapore on Credit Markets

-GMT 09:15 EU ECB's Tumpel-Gugerell Speaks at Sepa Summit in Frankfurt

-GMT 13:30 EU Bundesbank's Zeitler Speaks at Event in Frankfurt

-GMT 18:00 USA NAHB Housing Market Index (Nov) EST 17 PREVIOUS 18
Definition
The Housing Market Index is data from a survey of home builders reflecting single-family home sales on the present, the next six months and traffic from prospective buyers. This composite index indicates housing market trends. This provides a gauge of not only the demand for housing, but consumer sentiment as well. Furthermore, this narrow piece of data has a powerful multiplier effect through the economy, and therefore across the markets and investments. Each time the construction of a new home begins, it translates to more construction jobs, and income which will be
pumped back into the economy. Once a home is sold, it generates revenues for the home builder and the realtor. It brings a myriad of consumption opportunities for the buyer. Refrigerators, washers, dryers and furniture are just a few items new home buyers might purchase. The economic "ripple effect" can be substantial especially when you think a hundred thousand new households around the country are doing this every month.

Tuesday, November 20, 2007
-GMT 07:00 GER PPI (m/m), (Oct) EST 0.3% PREVIOUS 0.2%
-GMT 07:00 GER PPI (y/y), (Oct) EST 1.6% PREVIOUS 1.5%
Definition
The PPI gauges the average changes in prices received by domestic producers for their output at all stages of processing. The PPI data is compiled from most sectors of the economy, such as manufacturing, mining and agriculture.

-GMT 13:30 USA Housing Starts (Oct) EST 1170K PREVIOUS 1191k
Definition
An estimate of the number of housing units on which construction was started. Starting construction is defined as excavation for the footings or foundation, or the first shovel of dirt to break ground. (In response to natural disasters such as Hurricane Andrew in August of 1992, that definition has been expanded to a housing unit built on an existing foundation after the previous structure had been completely destroyed.) Housing starts are divided into single-family and multifamily(2+) units. Beginning construction on a 100 unit apartment building, for example, is counted as 100 starts.

-GMT 13:30 USA Building Permit (Oct) EST 1200k PREVIOUS 1226k

-GMT 15:00 EU ECB's Tumpel-Gugerell, Bundesbank's Fabritius Speak

-GMT 19:00 USA FOMC Minutes (Meeting 31 Oct)

-GMT 23:00 EU ECB's Bini Smaghi Speaking in Brussels

-GMT 23:50 JPN All-industry activity (m/m), (Sep) EST -1.5% PREVIOUS 1.0%
-GMT 23:50 JPN All-industry activity (y/y), (Sep) EST 1.3% PREVIOUS 1.7%
Definition
The all-industries index adds data from the primary sector -- composed of fishing, farming, forestry and mining -- and from the secondary, or manufacturing sector, to data for the tertiary sector.

-GMT 23:50 JPN Trade balance (Oct) EST ¥ 1052.8B PREVIOUS ¥ 1637.8B
-GMT 23:50 JPN Adjusted Trade balance (Oct) EST ¥ 1079.0B PREVIOUS ¥ 1034.3B
Definition
Balance of trade figures are the sum of the money gained by a given economy by selling exports, minus the cost of buying imports. They form part of the balance of payments, which also includes other transactions such as international investment. The figures are usually split into visible and invisible balance figures. The visible balance represents the physical goods, and invisible represents other forms of trade, e.g. the service economy.
A positive balance of trade is known as a trade surplus and consists of exporting more (in financial capital terms) than one imports. A negative balance of trade is known as a trade deficit and consists of importing more than one exports. Neither is necessarily dangerous in modern economies, although large trade surpluses or trade deficits may sometimes be a sign of other economic problems.
If the balance of trade is positive, then the economy has received more money than it has spent. This may appear to be a good thing but may not always be so.

Wednesday, November 21, 2007
-GMT 09:30 UK Boe Minutes

-GMT 13:30 USA Initial Claims EST 330k PREVIOUS 339k
Definition
New unemployment claims are compiled weekly to show the number of individuals who filed for unemployment insurance for the first time. An increasing (decreasing) trend suggests a deteriorating (improving) labor market. The four-week moving average of new claims smoothes out weekly volatility.

-GMT 15:00 USA Michigan Sentiment (F Nov) EST 75.0 PREVIOUS 75.0
Definition
This survey measures the attitudes and expectations concerning both present and future economic conditions of 500 consumers. Just like Consumer Confidence, the level of consumer sentiment is directly related to the strength of consumer spending. It is almost identical, with two subindexes - expectations and current conditions, but
has two monthly releases, a preliminary and final reading. The consumer expectations portion of the Michigan survey is a component of the leading economic indicators
index. Consumer spending accounts for two-thirds of the economy, so the markets follow any indicator relating to consumer behavior and attitudes. The more confident consumers are about the economy and their own personal finances, the more likely they are to spend. It is interesting to note that changes in consumer sentiment and retail sales don't move in tandem.

-GMT 15:00 USA Leading Indicators (m/m), (Oct) EST -0.3% PREVIOUS 0.3%
Definition
The Index of Leading Indicators consist of the following economic indicators
- Average workweek of production workers in manufacturing.
- Average weekly claims for state unemployment.
- New orders for consumer goods and materials
- Vendor performance (companies receiving slower deliveries from suppliers)
- Contracts and orders for plant and equipment
- New building permits issued
- Change in manufacturers’ unfilled orders, durable goods
- Change in sensitive materials prices
- Index of stock prices
- Money supply
- Index of consumer expectations
This index is designed to offer a 6 to 9 month future outlook of economic perfomance.

Thursday, November 22, 2007
-GMT 07:00 EU GDP (q/q), (3Q) EST 0.7% PREVIOUS 0.3%
-GMT 07:00 EU GDP (y/y), (3Q) EST 2.5% PREVIOUS 2.5%
Definition
Gross Domestic Product (GDP) is the total value of final goods and services produced within a country's borders in a year. It is one of the measures of national income and output. It may be used as one indicator of the standard of living in a country, but there may be limitations with this view.

-GMT 09:00 EU Current account (Sep) EST 0.0bn PREVIOUS 0.7bn
Definition
Balance of trade plus NET investment income & transfers. The difference between what the country earns and spends overseas. The ‘current account’ more specifically deals with the daily recurring transactions in the ordinary course of business. It involves international receipts & payments including trading receipts & payments, service receipts & payments and unilateral transfers such as payment of royalties, repatriation of after-tax profits & dividends, remittance of after-tax wages & other income by foreign employees and any payment of interest on foreign debts.

-GMT 10:00 EU Industrial orders (m/m), (Sep) EST -0.7% PREVIOUS 0.3%
-GMT 10:00 EU Industrial orders (y/y), (Sep) EST 6.5% PREVIOUS 5.1%

- USA - Thanksgiving Day - US Markets Closed

Friday, November 23, 2007
-GMT 09:30 UK GDP (q/q), (3Q P) EST 0.8% PREVIOUS 0.8%
-GMT 09:30 UK GDP (y/y), (3Q P) EST 3.3% PREVIOUS 3.3%
Definition
Gross Domestic Product (GDP) is the total value of final goods and services produced within a country's borders in a year. It is one of the measures of national income and output. It may be used as one indicator of the standard of living in a country, but there may be limitations with this view.

-GMT 13:00 EU ECB's Weber Speaks in Frankfurt

While AKFOREX attempts to ensure the accuracy of these data by using sources it believes to be reliable, release dates, times, items included and content are frequently subject to change, error and ommissions. These data shall not be construed as a recommendation to buy or sell any security. AKFOREX shall not assume any legal liability or responsibility for any incorrect, misleading or altered information contained herein.

CALENDAR 11 NOVEMBER 2007 – 16 NOVEMBER 2007

Sunday, November 11, 2007
-GMT 23:50 JPN CGPI (m/m), (Oct) EST 0.1% PREVIOUS -0.1%
-GMT 23:50 JPN CGPI (y/y), (Oct) EST 2.3% PREVIOUS 1.7%
Definition
The domestic corporate goods price index is classified into five groups based on the Japan Standard Industrial Classification and the Annual Census of Manufacturers with reference to the Standard Commodity Classification for Japan.
The indices measure monthly average changes of prices received by producers of commodities. The indices are referred to as domestic corporate goods price indexes by source. They cover products of manufacturing industries for domestic sale (imported goods are excluded). Prices are those of inter-enterprise transactions at the primary wholesalers stage or manufacturers' shipment prices in the case of commodities directly sold to users. They are net of discounts but include a consumption tax from April 1989.

-GMT 23:50 JPN Import prices (m/m), (Oct) EST 1.4% PREVIOUS -1.1%
-GMT 23:50 JPN Import prices (y/y), (Oct) EST 4.8% PREVIOUS 2.1%
-GMT 23:50 JPN Export prices (m/m), (Oct) EST 0.5% PREVIOUS -1.0%
-GMT 23:50 JPN Export prices (y/y), (Oct) EST -0.5% PREVIOUS -0.7%
Definition
The export and import price indexes measure the transaction prices of goods and services exported from or imported into Japan.

-GMT 23:50 JPN Current account (Yen), (Sep) EST 2689.2B PREVIOUS 2081.0B
-GMT 23:50 JPN Adjusted Current Account (Yen), (Sep) EST 2100.0B PREVIOUS 2193.2B
Definition
Balance of trade plus NET investment income & transfers. The difference between what the country earns and spends overseas. The ‘current account’ more specifically deals with the daily recurring transactions in the ordinary course of business. It involves international receipts & payments including trading receipts & payments, service receipts & payments and unilateral transfers such as payment of royalties, repatriation of after-tax profits & dividends, remittance of after-tax wages & other income by foreign employees and any payment of interest on foreign debts.

-GMT 23:50 JPN Balance of Trade (Yen), (Sep) EST 1715.3B PREVIOUS 892.2B
Definition
Balance of trade figures are the sum of the money gained by a given economy by selling exports, minus the cost of buying imports. They form part of the balance of payments, which also includes other transactions such as international investment. The figures are usually split into visible and invisible balance figures. The visible balance represents the physical goods, and invisible represents other forms of trade, e.g. the service economy.
A positive balance of trade is known as a trade surplus and consists of exporting more (in financial capital terms) than one imports. A negative balance of trade is known as a trade deficit and consists of importing more than one exports. Neither is necessarily dangerous in modern economies, although large trade surpluses or trade deficits may sometimes be a sign of other economic problems.
If the balance of trade is positive, then the economy has received more money than it has spent. This may appear to be a good thing but may not always be so.

Monday, November 12, 2007
-GMT 05:00 JPN Consumer Confidence (Oct) EST 45.5% PREVIOUS 44.1%
Definition
The Consumer Confidence index attempts to gauge consumers' feelings about the current condition of the economy and their expectations about the economy's future direction.

-GMT 09:30 UK PPI output (m/m), (Oct) EST 0.2% PREVIOUS 0.1%
-GMT 09:30 UK PPI output (y/y), (Oct) EST 2.2% PREVIOUS 2.7%
-GMT 09:30 UK PPI core (m/m), (Oct) EST 0.2% PREVIOUS 0.2%
-GMT 09:30 UK PPI core (y/y), (Oct) EST 2.2% PREVIOUS 2.2%
-GMT 09:30 UK PPI input (m/m), (Oct) EST 1.5% PREVIOUS 3.2%
-GMT 09:30 UK PPI input (y/y), (Oct) EST 7.0% PREVIOUS 6.4%
Definition
The PPI gauges the average changes in prices received by domestic producers for their output at all stages of processing. The PPI data is compiled from most sectors of the economy, such as manufacturing, mining and agriculture.

-USA-Veterans Day Holiday

-GMT 23:50 JPN GDP (q/q), (Q3 P) EST 0.5% PREVIOUS -0.3%
-GMT 23:50 JPN GDP Annualized (Q3 P) EST 1.8% PREVIOUS -1.2%
Definition
Gross Domestic Product (GDP) is the total value of final goods and services produced within a country's borders in a year. It is one of the measures of national income and output. It may be used as one indicator of the standard of living in a country, but there may be limitations with this view.

-GMT 23:50 JPN GDP Deflator (y/y), (Q3 P) EST -0.3% PREVIOUS -0.3%

Tuesday, November 13, 2007
-JAPAN- BOJ Rate Decision EST 0.50% PREVIOUS 0.50%

-GMT 06:00 JPN BOJ to Release Monthly Financial and Economic Report

-GMT 06:30 JPN BOJ Governor *****ui to Speak at Regular Press Conference

-GMT 07:00 GER GDP flash (q/q), (3Q) EST % PREVIOUS 0.3%
-GMT 07:00 GER GDP flash (y/y), (3Q) EST % PREVIOUS 2.5%
Definition
Gross Domestic Product (GDP) is the total value of final goods and services produced within a country's borders in a year. It is one of the measures of national income and output. It may be used as one indicator of the standard of living in a country, but there may be limitations with this view.

-GMT 09:30 UK CPI (m/m), (Oct) EST 0.3% PREVIOUS 0.1%
-GMT 09:30 UK CPI (y/y), (Oct) EST 1.9% PREVIOUS 1.8%
Definition
The consumer price index (CPI) gauges the average change in retail prices for a fixed market basket of goods and services. The CPI data is compiled from a sample of prices for food, shelter, clothing, fuel, transportation and medical services that people purchase on daily basis.

-GMT 09:30 UK CPI-Core (y/y), (Oct) EST 1.7% PREVIOUS 1.5%
Definition
This indicator is a derivative of the CPI that excludes the volatile Food and Energy items.

-GMT 10:00 GER ZEW index (Nov) EST -20.0 PREVIOUS -18.1
-GMT 10:00 GER ZEW current (Nov) EST 67.0 PREVIOUS 70.2
-GMT 10:00 GER Euro-Zone ZEW (Nov) EST -20.0 PREVIOUS -19.0
Definition
The ZEW works in the field of user-related empirical economic research. In this context it particularly distinguished itself nationally and internationally by analysing internationally comparative issues in the European context and by compiling scientifically important data bases.
The ZEW's duty is to carry out economic research, economic counseling and knowledge transfer. The institute focuses on decision-makers in politics, economics, and administration, scientists in the national and international arena as well as the interested public. Regular interviews on the situation on the financial markets and business-related service providers as well as large-scale annual studies on technological competitiveness of and innovation activities in the economy are representative of the different types of topical information provided by the ZEW.
The ZEW is subdivided into the following five research fields:
International Finance and Financial Management;
Labour Economics, Human Resources, and Social Policy;
Industrial Economics and International Management;
Corporate Taxation and Public Business Finance;
Environmental and Resource Economics, Eco-management.

-GMT 10:00 EU Industrial prod. (m/m), (Sep) EST -0.4% PREVIOUS 1.2%
-GMT 10:00 EU Industrial prod. (y/y), (Sep) EST 4.5% PREVIOUS 4.3%
Definition
Industrial production consists of the total output of a nation’s plants, utilities, and mines. From a fundamental point of view, it is an important economic indicator that reflects the strength of the economy, and by extrapolation, the strength of a specific currency.

-GMT 14:00 USA Pending Homes Sales (Sep) EST -2.0% PREVIOUS -6.5%

Wednesday, November 14, 2007
-GMT 07:00 GER CPI final (m/m), (Oct) EST % PREVIOUS 0.1%
-GMT 07:00 GER CPI final (y/y), (Oct) EST % PREVIOUS 2.4%
-GMT 07:00 GER HICP final (m/m), (Oct) EST % PREVIOUS 0.2%
-GMT 07:00 GER HICP final (y/y), (Oct) EST % PREVIOUS 2.7%
Definition
The consumer price index (CPI) gauges the average change in retail prices for a fixed market basket of goods and services. The CPI data is compiled from a sample of prices for food, shelter, clothing, fuel, transportation and medical services that people purchase on daily basis.

- GMT 09:30 UK Av. Earnings inc bonus (3Mo/Yr), (Jun) EST 4.0% PREVIOUS 3.7%
Definition
The Average Earnings Index (AEI) measures the average wage, including bonuses, paid to employees.

- GMT 09:30 UK Average Earnings ex bonus (3Mo/Yr), (Jun) EST 3.8% PREVIOUS 3.7%
Definition
The Average Earnings Index (AEE) measures the average wage, paid to employees

-GMT 09:30 UK Claimant count Rate (Jul) EST 2.6% PREVIOUS 2.6%
Definition
The Claimant Count measures the change in number of people claiming unemployment related benefits over the previous month.

-GMT 09:30 UK ILO Unemployment Rate (3Mo),(Jun) EST 5.4% PREVIOUS 5.4%
Definition
The percentage of the people classified as unemployed as compared to the total labor force.

-GMT 10:00 EU GDP flash (q/q), (3Q) EST 0.6% PREVIOUS 0.3%
-GMT 10:00 EU GDP flash (y/y), (3Q) EST 2.6% REVIOUS 2.5%
Definition
Gross Domestic Product (GDP) is the total value of final goods and services produced within a country's borders in a year. It is one of the measures of national income and output. It may be used as one indicator of the standard of living in a country, but there may be limitations with this view.

-GMT 10:30 UK Bank of England Quarterly Inflation Report

-GMT 13:30 USA PPI (m/m), (Oct) EST 0.2% PREVIOUS 1.1%
-GMT 13:30 USA PPI (y/y), (Oct) EST 6.4% PREVIOUS 4.4%
Definition
The PPI gauges the average changes in prices received by domestic producers for their output at all stages of processing. The PPI data is compiled from most sectors of the economy, such as manufacturing, mining and agriculture.

-GMT 13:30 USA PPI Core (m/m), (Oct) EST 0.2% PREVIOUS 0.1%
-GMT 13:30 USA PPI Core (y/y), (Oct) EST 2.6% PREVIOUS 2.0%
Definition
This indicator is a derivative of the PPI that excludes the volatile Food and Energy items.

-GMT 13:30 USA Retail Sales (m/m), (Oct) EST 0.2% PREVIOUS 0.6%
Definition
The retail sales report is a measure of the total receipts of retail stores from samples representing all sizes and kinds of business in retail trade throughout the nation. It is the most timely indicator of broad consumer spending patterns and is adjusted for normal seasonal variation, holidays, and trading-day differences. Retail sales include durable and nondurable merchandise sold, and services and excise taxes incidental to the sale of merchandise. Excluded are sales taxes collected directly from the customer. It also excludes spending for services, a large component of consumer expenditures. Retail sales is a the first picture of consumer spending for a given month. Retail sales are often viewed ex-autos, as auto sales can move sharply from month-to-month. Also, gas and food component changes are often a result of price changes rather than shifting consumer demand. Retail sales can be quite volatile and the advance reports are subject to large revisions.

-GMT 13:30 USA Retail Sales ex Autos (m/m), (Oct) EST 0.3% PREVIOUS 0.4%
Definition
This indicator is a derivative of Retail Sales that excludes the volatile Automobile Sales component.


-GMT 15:00 USA Business Inventories (m/m), (Sep) EST 0.3% PREVIOUS 0.1%
Definition
Business inventories consist of items produced and held for future sale.

-GMT 23:50 JPN Tertiary Industry Index (m/m), (Sep) EST -1.0% PREVIOUS 1.3%
-GMT 23:50 JPN Tertiary Industry Index (y/y), (Sep) EST 2.6% PREVIOUS 2.1%
Definition
The tertiary index measures activity in six industries: utilities, transport and telecommunications, wholesale and retail, finance and insurance, real estate and services.

Thursday, November 15, 2007
-GMT 09:30 UK Retail sales (m/m), (Oct) EST 0.1% PREVIOUS 0.6%
-GMT 09:30 UK Retail sales (y/y), (Oct) EST 4.8% PREVIOUS 6.3%
Definition
The retail sales report is a measure of the total receipts of retail stores from samples representing all sizes and kinds of business in retail trade throughout the nation. It is the most timely indicator of broad consumer spending patterns and is adjusted for normal seasonal variation, holidays, and trading-day differences. Retail sales include durable and nondurable merchandise sold, and services and excise taxes incidental to the sale of merchandise. Excluded are sales taxes collected directly from the customer. It also excludes spending for services, a large component of consumer expenditures. Retail sales is a the first picture of consumer spending for a given month. Retail sales are often viewed ex-autos, as auto sales can move sharply from month-to-month. Also, gas and food component changes are often a result of price changes rather than shifting consumer demand. Retail sales can be quite volatile and the advance reports are subject to large revisions.

-GMT 10:00 EU HICP core (y/y), (Oct) EST 1.9% PREVIOUS 1.8%
Definition
This indicator is a derivative of the CPI that excludes the volatile Food and Energy items.

-GMT 10:00 EU HICP final (m/m), (Oct) EST 0.5% PREVIOUS 0.4%
-GMT 10:00 EU HICP final (y/y), (Oct) EST 2.6% PREVIOUS 2.6%
Definition
The consumer price index (CPI) gauges the average change in retail prices for a fixed market basket of goods and services. The CPI data is compiled from a sample of
prices for food, shelter, clothing, fuel, transportation and medical services that people purchase on daily basis.


-GMT 13:30 USA CPI (m/m), (Oct) EST 0.3% PREVIOUS 0.3%
-GMT 13:30 USA CPI (y/y), (Oct) EST 3.5% PREVIOUS 2.8%
Definition
The consumer price index (CPI) gauges the average change in retail prices for a fixed market basket of goods and services. The CPI data is compiled from a sample of prices for food, shelter, clothing, fuel, transportation and medical services that people purchase on daily basis.

-GMT 13:30 USA CPI Core (m/m), (Oct) EST 0.2% PREVIOUS 0.2%
-GMT 13:30 USA CPI Core (y/y), (Oct) EST 2.2% PREVIOUS 2.1%
Definition
This indicator is a derivative of the CPI that excludes the volatile Food and Energy items.

-GMT 13:30 USA Initial claims EST 320k PREVIOUS 317k
Definition
New unemployment claims are compiled weekly to show the number of individuals who filed for unemployment insurance for the first time. An increasing (decreasing) trend suggests a deteriorating (improving) labor market. The four-week moving average of new claims smoothes out weekly volatility.

-GMT 13:30 USA Empire Manufacturing (Nov) EST 19.5 PREVIOUS 28.8
Definition
The New York Fed conducts this monthly survey of manufacturers in New York State. Participants from across the state represent a variety of industries. On the first of each month, the same pool of roughly 175 manufacturing executives (usually the CEO or the president) is sent a questionnaire to report the change in an assortment of indicators from the previous month. Respondents also give their views about the likely direction of these same indicators six months ahead. This index is seasonally
adjusted using the Philadelphia Fed's seasonal factors because its own history is not long enough with data only going back a couple of years.

-GMT 17:00 USA Philly Fed Survey (Nov) EST 5.0 PREVIOUS 6.8
Definition
A composite diffusion index of manufacturing conditions within the Philadelphia Federal Reserve district. This survey is widely followed as an indicator of manufacturing sector trends since it is correlated with the NAPM survey and the index of industrial production.

-GMT 23:50 JPN BoJ Meeting Minutes (Oct)


Friday, November 16, 2007
-GMT 05:00 JPN Leading indicator (Sep) EST PREVIOUS 27.3

-GMT 05:00 JPN Coincident indicator (Sep) EST 66.7 PREVIOUS 85.0
Definition
An economic indicator that generally moves in line with the general business cycle such as industrial production.

-GMT 10:00 EU Trade balance (Sep) EST bn PREVIOUS 1.3bn
Definition
Balance of trade figures are the sum of the money gained by a given economy by selling exports, minus the cost of buying imports. They form part of the balance of payments, which also includes other transactions such as international investment. The figures are usually split into visible and invisible balance figures. The visible
balance represents the physical goods, and invisible represents other forms of trade, e.g. the service economy.
A positive balance of trade is known as a trade surplus and consists of exporting more (in financial capital terms) than one imports. A negative balance of trade is known as a trade deficit and consists of importing more than one exports. Neither is necessarily dangerous in modern economies, although large trade surpluses or trade deficits may sometimes be a sign of other economic problems.
If the balance of trade is positive, then the economy has received more money than it has spent. This may appear to be a good thing but may not always be so.

-GMT 14:00 USA Net Foreign Security Purchases EST $75.0B PREVIOUS $163.0B
Definition
These Treasury data track the flows of financial instruments into and out of the United States. Instruments tracked include Treasury securities, agency securities, corporate bonds, and corporate equities.

-GMT 14:15 USA Industrial Prod (m/m), (Oct) EST 0.1% PREVIOUS 0.1%
Definition
Industrial production consists of the total output of a nation’s plants, utilities, and mines. From a fundamental point of view, it is an important economic indicator that reflects the strength of the economy, and by extrapolation, the strength of a specific currency.

-GMT 14:15 USA Capacity Util. (Oct) EST 82.1% PREVIOUS 82.1%
Definition
Capacity utilization consists of total industrial output divided by total production capability. The term refers to the maximum level of output a plant can generate under
normal business conditions. A normal “figure” for a steady economy is 81.5 percent. If the figure reads 85 percent or more, the data suggests that the industrial production is overheating, that the economy is close to full capacity. High capacity utilization rates precede inflation, and expectation in the foreign exchange market is that the central bank will raise interest rates in order to avoid or fight inflation.

While AKFOREX attempts to ensure the accuracy of these data by using sources it believes to be reliable, release dates, times, items included and content are frequently subject to change, error and ommissions. These data shall not be construed as a recommendation to buy or sell any security. AKFOREX shall not assume any legal liability or responsibility for any incorrect, misleading or altered information contained herein.

CALENDAR 13 MAY 2007 – 18 MAY 2007

Sunday, May 13, 2007
-GMT 23:50 JPN CGPI (m/m), (Apr) EST 0.3% PREVIOUS 0.3%
-GMT 23:50 JPN CGPI (y/y), (Apr) EST 1.7% PREVIOUS 2.0%
Definition
The domestic corporate goods price index is classified into five groups based on the Japan Standard Industrial Classification and the Annual Census of Manufacturers with reference to the Standard Commodity Classification for Japan.
The indices measure monthly average changes of prices received by producers of commodities. The indices are referred to as domestic corporate goods price indexes by source. They cover products of manufacturing industries for domestic sale (imported goods are excluded). Prices are those of inter-enterprise transactions at the primary wholesalers stage or manufacturers' shipment prices in the case of
commodities directly sold to users. They are net of discounts but include a consumption tax from April 1989.

-GMT 23:50 JPN Current account (Mar) EST 2952.2B Y PREVIOUS 2417.5B Y
-GMT 23:50 JPN Adjusted Current Account Total (Mar) EST 2121.1B Y PREVIOUS 1486.6B Y
Definition
Balance of trade plus NET investment income & transfers. The difference between what the country earns and spends overseas. The ‘current account’ more specifically deals with the daily recurring transactions in the ordinary course of business. It involves international receipts & payments including trading receipts & payments, service receipts & payments and unilateral transfers such as payment of royalties, repatriation of after-tax profits & dividends, remittance of after-tax wages & other income by foreign employees and any payment of interest on foreign debts.

-GMT 23:50 JPN Trade Balance (Mar) (yen) EST na PREVIOUS 1118.9B
Definition
Balance of trade figures are the sum of the money gained by a given economy by selling exports, minus the cost of buying imports. They form part of the balance of payments, which also includes other transactions such as international investment. The figures are usually split into visible and invisible balance figures. The visible balance represents the physical goods, and invisible represents other forms of trade, e.g. the service economy.
A positive balance of trade is known as a trade surplus and consists of exporting more (in financial capital terms) than one imports. A negative balance of trade is known as a trade deficit and consists of importing more than one exports. Neither is necessarily dangerous in modern economies, although large trade surpluses or trade deficits may sometimes be a sign of other economic problems.
If the balance of trade is positive, then the economy has received more money than it has spent. This may appear to be a good thing but may not always be so.


Monday, May 14, 2007
-GMT 08:30 UK PPI Input (m/m) (Apr) EST 1.0% PREVIOUS 1.2%
-GMT 08:30 UK PPI Input (y/y) (Apr) EST 0.0% PREVIOUS 0.7%
-GMT 08:30 UK PPI Output (m/m) (Apr) EST 0.5% PREVIOUS 0.3%
-GMT 08:30 UK PPI Output Core (m/m) (Apr) EST 0.4% PREVIOUS 0.4%
-GMT 08:30 UK PPI Output (y/y) (Apr) EST 2.5% PREVIOUS 2.7%
-GMT 08:30 UK PPI Output Core (y/y) (Apr) EST 2.7% PREVIOUS 2.9%
Definition
The PPI gauges the average changes in prices received by domestic producers for their output at all stages of processing. The PPI data is compiled from most sectors of the economy, such as manufacturing, mining and agriculture.

-GMT 09:00 EU Industrial Prod. (m/m), (Mar) EST 0.3% PREVIOUS 0.6%
-GMT 09:00 EU Industrial Prod. (m/m), (Mar) EST 3.7% PREVIOUS 4.1%
Definition
Industrial production consists of the total output of a nation’s plants, utilities, and mines. From a fundamental point of view, it is an important economic indicator that reflects the strength of the economy, and by extrapolation, the strength of a specific currency.

-GMT 20:00 USA Fed's Fisher Speaks in Washington on Service Sector

-GMT 23:15 USA Fed's Lockhart To Deliver Welcome at Atlanta Fed Conference

-GMT 23:50 JPN Machine Tool Orders (m/m), (Mar) EST 1.5% PREVIOUS -5.2%
-GMT 23:50 JPN Machine Tool Orders (y/y), (Mar) EST 2.1% PREVIOUS -4.2%
Definition
Machine Orders Data (also known as Machine Tool Order Data) is a figure issued by Japan Machine Tool Builders Association (JMTBA) every month. It serves as one indicator of the Japanese economy. In the forex market, the release of such data is often followed by sharp change in currency exchange rate.

Tuesday, May 15, 2007
-GMT 06:00 GER GDP Flash (q/q), (1Q) EST 0.3% PREVIOUS 0.9%
-GMT 06:00 GER GDP Flash (y/y), (1Q) EST 3.1% PREVIOUS 3.7%
Definition
Gross Domestic Product (GDP) is the total value of final goods and services produced within a country's borders in a year. It is one of the measures of national income and output. It may be used as one indicator of the standard of living in a country, but there may be limitations with this view.


-GMT 08:30 UK CPI (y/y), (Apr) EST 2.8% PREVIOUS 3.1%
-GMT 08:30 UK CPI (m/m), (Apr) EST 0.3% PREVIOUS 0.5%
Definition
The consumer price index (CPI) gauges the average change in retail prices for a fixed market basket of goods and services. The CPI data is compiled from a sample of prices for food, shelter, clothing, fuel, transportation and medical services that people purchase on daily basis.

-GMT 08:30 UK CPI-Core (y/y), (Apr) EST 1.9% PREVIOUS 1.9%
Definition
This indicator is a derivative of the CPI that excludes the volatile Food and Energy items.

-GMT 09:00 EU GDP Flash (q/q), (1Q A) EST 0.5% PREVIOUS 0.9%
-GMT 09:00 EU GDP Flash (y/y), (1Q A) EST 3.0% PREVIOUS 3.3%
Definition
Gross Domestic Product (GDP) is the total value of final goods and services produced within a country's borders in a year. It is one of the measures of national income and output. It may be used as one indicator of the standard of living in a country, but there may be limitations with this view.

-GMT 09:20 EU ECB's Tumpel-Gugerell Speaks in Frankfurt

-GMT 10:00 EU ECB's Mersch Speaks at Forum in Dubai

-GMT 12:10 USA Bernanke Speaks at Atlanta Fed Financial Markets Conference

-GMT 12:30 USA CPI (m/m), (Apr) EST 0.5% PREVIOUS 0.6%
-GMT 12:30 USA CPI (y/y), (Apr) EST 2.6% PREVIOUS 2.8%
Definition
The consumer price index (CPI) gauges the average change in retail prices for a fixed market basket of goods and services. The CPI data is compiled from a sample of prices for food, shelter, clothing, fuel, transportation and medical services that people purchase on daily basis.

-GMT 12:30 USA CPI Core (m/m), (Apr) EST 0.2% PREVIOUS 0.1%
-GMT 12:30 USA CPI Core (y/y), (Apr) EST 2.4% PREVIOUS 2.5%
Definition
This indicator is a derivative of the CPI that excludes the volatile Food and Energy items.

-GMT 12:30 USA Empire Manufacturing Index (May) EST 8.0 PREVIOUS 3.8
Definition
The New York Fed conducts this monthly survey of manufacturers in New York State. Participants from across the state represent a variety of industries. On the first of each month, the same pool of roughly 175 manufacturing executives (usually the CEO or the president) is sent a questionnaire to report the change in an assortment of indicators from the previous month. Respondents also give their views about the likely direction of these same indicators six months ahead. This index is seasonally adjusted using the Philadelphia Fed's seasonal factors because its own history is not long enough with data only going back a couple of years.

-GMT 13:00 USA Treasury International Capital (Mar) EST 74.7B PREVIOUS $58.1B
Definition
These Treasury data track the flows of financial instruments into and out of the United States. Instruments tracked include Treasury securities, agency securities, corporate bonds, and corporate equities.

-GMT 13:15 USA Fed's Minehan and Mishkin Moderate Atlanta Fed Panel on Derivatives

-GMT 17:00 USA NAHB Housing Market Index (May) EST 33 PREVIOUS 33
Definition
The Housing Market Index is data from a survey of home builders reflecting single-family home sales on the present, the next six months and traffic from prospective buyers. This composite index indicates housing market trends. This provides a gauge of not only the demand for housing, but consumer sentiment as well. Furthermore, this narrow piece of data has a powerful multiplier effect through the economy, and therefore across the markets and investments. Each time the construction of a new
home begins, it translates to more construction jobs, and income which will be pumped back into the economy. Once a home is sold, it generates revenues for the home builder and the realtor. It brings a myriad of consumption opportunities for the buyer. Refrigerators, washers, dryers and furniture are just a few items new home buyers might purchase. The economic "ripple effect" can be substantial especially when you think a hundred thousand new households around the country are doing this every month.

-GMT 17:30 EU European Central Bank's Gonzalez-Paramo Speaks in The Hague

-GMT 23:15 USA Fed's Geithner Speaks at Atlanta Fed Conference on Derivatives

Wednesday, May 16, 2007
-Japan - Bank of Japan Monetary Policy Meeting

-GMT 01:45 USA Fed's Hoenig Speaks in Denver on Monetary Policy


-GMT 04:30 JPN Industrial Prod. (m/m), (Mar) EST -0.6% PREVIOUS -0.6%
-GMT 04:30 JPN Industrial Prod. (y/y), (Mar) EST 1.6% PREVIOUS 1.6%
Definition
Industrial production consists of the total output of a nation’s plants, utilities, and mines. From a fundamental point of view, it is an important economic indicator that reflects the strength of the economy, and by extrapolation, the strength of a specific currency.

-GMT 04:30 JPN Capacity Utilization (Apr) EST na PREVIOUS 106.3
Definition
Capacity utilization consists of total industrial output divided by total production capability. The term refers to the maximum level of output a plant can generate under normal business conditions. A normal “figure” for a steady economy is 81.5 percent. If the figure reads 85 percent or more, the data suggests that the industrial production is overheating, that the economy is close to full capacity. High capacity utilization rates precede inflation, and expectation in the foreign exchange market is that the central bank will raise interest rates in order to avoid or fight inflation.

-GMT 05:00 JPN Consumer Confidence (Apr) EST na PREVIOUS 47.2
Definition
The Consumer Confidence index attempts to gauge consumers' feelings about the current condition of the economy and their expectations about the economy's future direction.

-GMT 06:00 JPN Machine Tool Orders (y/y), (Apr F) EST % PREVIOUS 7.2%
Definition
Machine Orders Data (also known as Machine Tool Order Data) is a figure issued by Japan Machine Tool Builders Association (JMTBA) every month. It serves as one indicator of the Japanese economy. In the forex market, the release of such data is often followed by sharp change in currency exchange rate.

-GMT 06:00 GER CPI final (m/m), (Apr F) EST 0.4% PREVIOUS 0.4%
-GMT 06:00 GER CPI final (y/y), (Apr F) EST 1.9% PREVIOUS 1.9%
-GMT 06:00 GER HICP final (m/m), (Apr F) EST 0.4% PREVIOUS 0.4%
-GMT 06:00 GER HICP final (y/y), (Apr F) EST 2.0% PREVIOUS 2.0%
Definition
The consumer price index (CPI) gauges the average change in retail prices for a fixed market basket of goods and services. The CPI data is compiled from a sample of prices for food, shelter, clothing, fuel, transportation and medical services that people purchase on daily basis.

- GMT 08:30 UK Claimant Count Rate (Apr) EST 2.9% PREVIOUS 2.9%
Definition
The Claimant Count measures the change in number of people claiming unemployment related benefits over the previous month.

-GMT 08:30 UK Jobless Claims Change (Apr) EST -5.0k PREVIOUS -9.2k

-GMT 08:30 UK Average Earnings inc bonus (3m/y) (Mar) EST 4.8% PREVIOUS 4.6%
Definition
The Average Earnings Index (AEI) measures the average wage, including bonuses, paid to employees.

-GMT 08:30 UK Average Earnings ex bonus (3m/y) (Mar) EST 3.6% PREVIOUS 3.6%
Definition
The Average Earnings Index (AEE) measures the average wage, paid to employees.

-GMT 08:30 UK ILO Unemployment Rate (3M) (Mar) EST 5.5% PREVIOUS 5.5%
Definition
The percentage of the people classified as unemployed as compared to the total labor force.

-GMT 09:00 EU CPI core (m/m),(Apr) EST na% PREVIOUS 0.7%
-GMT 09:00 EU CPI core (y/y), (Apr) EST 1.9% PREVIOUS 1.9%
Definition
This indicator is a derivative of the CPI that excludes the volatile Food and Energy items.

-GMT 09:00 EU CPI final (m/m), (Apr) EST 0.5% PREVIOUS 0.7%
-GMT 09:00 EU CPI final (y/y), (Apr) EST 1.8% PREVIOUS 1.9%
Definition
The consumer price index (CPI) gauges the average change in retail prices for a fixed market basket of goods and services. The CPI data is compiled from a sample of prices for food, shelter, clothing, fuel, transportation and medical services that people purchase on daily basis.

-GMT 09:30 UK Bank of England Quarterly Inflation Report

-GMT 12:30 USA Housing Starts (Apr) EST 1480k PREVIOUS 1518k
Definition
An estimate of the number of housing units on which construction was started. Starting construction is defined as excavation for the footings or foundation, or the first shovel of dirt to break ground. (In response to natural disasters such as Hurricane Andrew in August of 1992, that definition has been expanded to a housing unit built on an existing foundation after the previous structure had been completely
destroyed.) Housing starts are divided into single-family and multifamily(2+) units. Beginning construction on a 100 unit apartment building, for example, is counted as 100 starts.

-GMT 12:30 USA Building Permit (Apr) EST 1526k PREVIOUS 1564k

-GMT 13:00 USA Fed's Plosser Moderates Atlanta Fed Panel on Derivatives

-GMT 13:15 USA Industrial Prod. (m/m), (Apr) EST 0.3% PREVIOUS -0.2%
Definition
Industrial production consists of the total output of a nation’s plants, utilities, and mines. From a fundamental point of view, it is an important economic indicator that reflects the strength of the economy, and by extrapolation, the strength of a specific currency.

-GMT 13:15 USA Capacity Util. (m/m), (Apr) EST 81.5% PREVIOUS 81.4%
Definition
Capacity utilization consists of total industrial output divided by total production capability. The term refers to the maximum level of output a plant can generate under normal business conditions. A normal “figure” for a steady economy is 81.5 percent. If the figure reads 85 percent or more, the data suggests that the industrial production is overheating, that the economy is close to full capacity. High capacity utilization rates precede inflation, and expectation in the foreign exchange market is that the central bank will raise interest rates in order to avoid or fight inflation.

-GMT 15:00 USA Fed's Kohn Speaks on Atlanta Fed Panel on Credit Derivatives

-GMT 17:00 USA Fed's Fisher Speaks in Fort Worth, Texas About Globalization

-GMT 23:50 JPN GDP (q/q), (1Q P) EST 0.7% PREVIOUS 1.3%
-GMT 23:50 JPN GDP Annualized (1Q P) EST 2.7% PREVIOUS 5.5%
Definition
Gross Domestic Product (GDP) is the total value of final goods and services produced within a country's borders in a year. It is one of the measures of national income and output. It may be used as one indicator of the standard of living in a country, but there may be limitations with this view.

-GMT 23:50 JPN GDP Deflator (y/y) (1Q P) EST -0.4% PREVIOUS -0.5%

Thursday, May 17, 2007
-GMT 04:00 JPN Bank of Japan Rate Decision EST 0.5% PREVIOUS 0.5%

-GMT 06:00 JPN Bank of Japan Monthly Report

-GMT 06:30 JPN Bank of Japan Governor *****ui to Hold Regular Press Conference

-GMT 12:00 EU European Central Bank's Gonzalez-Paramo Speaks in Montevideo

-GMT 12:30 USA Former Fed's Greenspan Speaks at Atlanta Business Awards Event

-GMT 12:30 USA Initial Claims EST 310k PREVIOUS 297k
Definition
New unemployment claims are compiled weekly to show the number of individuals who filed for unemployment insurance for the first time. An increasing (decreasing) trend suggests a deteriorating (improving) labor market. The four-week moving average of new claims smoothes out weekly volatility.

-GMT 13:15 USA Fed's Moskow Gives Welcome Remarks at Banking Conference

-GMT 13:30 USA Bernanke Speaks at Chicago Fed Banking Conference

-GMT 14:00 USA Leading Indicators (m/m), (Apr) EST 0.0% PREVIOUS 0.1%
Definition
The Index of Leading Indicators consist of the following economic indicators
- Average workweek of production workers in manufacturing.
- Average weekly claims for state unemployment.
- New orders for consumer goods and materials
- Vendor performance (companies receiving slower deliveries from suppliers)
- Contracts and orders for plant and equipment
- New building permits issued
- Change in manufacturers’ unfilled orders, durable goods
- Change in sensitive materials prices
- Index of stock prices
- Money supply
- Index of consumer expectations
This index is designed to offer a 6 to 9 month future outlook of economic perfomance.

-GMT 16:00 USA Philly Fed Survey (May) EST 3.5 PREVIOUS 0.2
Definition
A composite diffusion index of manufacturing conditions within the Philadelphia Federal Reserve district. This survey is widely followed as an indicator of manufacturing sector trends since it is correlated with the NAPM survey and the index of industrial production.

-GMT 23:50 JPN Tertiary Industry Index, seasonally adjusted (m/m), (Mar) EST -0.7% PREVIOUS 1.0%
Definition
The tertiary index measures activity in six industries: utilities, transport and telecommunications, wholesale and retail, finance and insurance, real estate and services.

Friday, May 18, 2007
-EU - G8 Meeting of Finance Ministers Commences

-GMT 05:00 JPN Leading indicator (Mar F) EST na PREVIOUS 40%


-GMT 05:00 JPN Coincident indicator (Mar F) EST na PREVIOUS 22.2%
Definition
An economic indicator that generally moves in line with the general business cycle such as industrial production.

-GMT 08:30 UK Retail Sales (m/m) (Apr) EST 0.6% PREVIOUS 0.3%
-GMT 08:30 UK Retail Sales (y/y) (Apr) EST 4.7% PREVIOUS 4.8%
Definition
The retail sales report is a measure of the total receipts of retail stores from samples representing all sizes and kinds of business in retail trade throughout the nation. It is the most timely indicator of broad consumer spending patterns and is adjusted for normal seasonal variation, holidays, and trading-day differences. Retail sales include durable and nondurable merchandise sold, and services and excise taxes incidental to the sale of merchandise. Excluded are sales taxes collected directly from the customer. It also excludes spending for services, a large component of consumer expenditures. Retail sales is a the first picture of consumer spending for a given month. Retail sales are often viewed ex-autos, as auto sales can move sharply from month-to-month. Also, gas and food component changes are often a result of price changes rather than shifting consumer demand. Retail sales can be quite volatile and the advance reports are subject to large revisions.

-GMT 14:00 USA Michigan Sentiment index (P May) EST 86.8 PREVIOUS 87.1
Definition
This survey measures the attitudes and expectations concerning both present and future economic conditions of 500 consumers. Just like Consumer Confidence, the level of consumer sentiment is directly related to the strength of consumer spending. It is almost identical, with two subindexes - expectations and current conditions, but has two monthly releases, a preliminary and final reading. The consumer expectations portion of the Michigan survey is a component of the leading economic indicators index. Consumer spending accounts for two-thirds of the economy, so the markets follow any indicator relating to consumer behavior and attitudes. The more confident consumers are about the economy and their own personal finances, the more likely they are to spend. It is interesting to note that changes in consumer sentiment and retail sales don't move in tandem.

While AKFOREX attempts to ensure the accuracy of these data by using sources it believes to be reliable, release dates, times, items included and content are frequently subject to change, error and ommissions. These data shall not be construed as a recommendation to buy or sell any security. AKFOREX shall not assume any legal liability or responsibility for any incorrect, misleading or altered information contained herein.

A) CALENDAR

-24/04/2007
-GMT 23:50 JPN Trade balance (Yen), (Mar) EST 1444.3B PREVIOUS 976.7B
-GMT 23:50 JPN Adjusted Trade Balance (Yen), (Mar) EST 1036.5B PREVIOUS 655.1B
Definition
Balance of trade figures are the sum of the money gained by a given economy by selling exports, minus the cost of buying imports. They form part of the balance of payments, which also includes other transactions such as international investment. The figures are usually split into visible and invisible balance figures. The visible balance represents the physical goods, and invisible represents other forms of trade, e.g. the service economy.
A positive balance of trade is known as a trade surplus and consists of exporting more (in financial capital terms) than one imports. A negative balance of trade is known as a trade deficit and consists of importing more than one exports. Neither is necessarily dangerous in modern economies, although large trade surpluses or trade deficits may sometimes be a sign of other economic problems.
If the balance of trade is positive, then the economy has received more money than it has spent. This may appear to be a good thing but may not always be so.







B) SUPPORT-RESISTANCE
EURO/USD USD/JPY GBP/USD
R3 1.3695 119.20 2.0070
R2 1.3670 118.95 2.0045
R1 1.3640 118.70 2.0025
S1 1.3610 118.25 1.9975
S2 1.3590 117.95 1.9955
S3 1.3575 117.60 1.9930

C) WATCH
-Interest Rates
- (24/04/2007) GMT 23:50 JPN Trade balance




D) NEWS

-The dollar dropped to within a cent of a record low against the euro as evidence of a U.S. economic slowdown increased the likelihood of a cut in borrowing costs by the Federal Reserve in the third quarter.
The U.S. currency weakened the most against the euro in more than a week as existing-home sales in March dropped more than economists forecast to the lowest in almost four years.
-The U.S. currency declined as existing home sales fell 8.4 percent in March after a revised 3.7 percent gain the previous month, the National Association of Realtors reported in Washington.
Consumer confidence in the U.S. dropped in April to the lowest in eight months on concern over rising gasoline prices and a wave of mortgage defaults. The New York-based Conference Board's index of consumer confidence fell to 104.0 from 108.2 in March. The index averaged 105.9 last year.



E) TRADING TIPS
A stop is not a perfect tool but it is the best defensive tool we have.
(Alexander Elder)

A) CALENDAR

-GMT 13:00 CAN BoC Rate Decision EST 4.25% PREVIOUS 4.25%

-GMT 14:00 USA Cons Confidence (Apr) EST 105 PREVIOUS 107.2
Definition
The Consumer Confidence index attempts to gauge consumers' feelings about the current condition of the economy and their expectations about the economy's future direction.

-GMT 14:00 USA Existing Home Sales (Mar) EST 6500k PREVIOUS 6690k
-GMT 14:00 USA Existing Home Sales (m/m), (Mar) EST -2.8% PREVIOUS 3.9%
Definition
Existing Home Sales is a measure of the selling rate of pre-owned single-family homes, collected by the National Association of Realtors from 650 realtor associations.






B) SUPPORT-RESISTANCE
EURO/USD USD/JPY GBP/USD
R3 1.3640 119.40 2.0100
R2 1.3610 119.05 2.0050
R1 1.3585 118.70 2.0010
S1 1.3540 118.20 1.9955
S2 1.3510 118.00 1.9930
S3 1.3475 117.80 1.9875

C) WATCH
-Interest Rates
-GMT 13:00 CAN BoC Rate Decision
-GMT 14:00 USA Cons Confidence
-GMT 14:00 USA Existing Home Sales




D) NEWS

-The yen gained for a second day against the euro and the dollar as traders increased their bets that the Bank of Japan will raise interest rates.
- The dollar may weaken on speculation U.S. reports today on manufacturing, consumer confidence and home sales that may add to evidence economic growth is slowing.
Economists expect consumer confidence is expected to slow to 105 in April from 107.2 the month before.
- Euro zone industrial orders fell 0.7 pct in February from January, and were up 4.7 pct year-on-year, EU statistics agency Eurostat reported.
Eurostat revised its release for January to a month-on-month fall of 0.2 pct from the earlier estimate of a 0.1 pct decrease.
It also revised its year-on-year figure for January to a 12.0 pct increase from a 12.2 pct rise.
- External rate setters on the Bank of England's Monetary Policy Committee today reiterated their commitment to keep the inflation rate on target.
Appearing before the Treasury Select Committee, David Blanchflower said the committee would "do everything to keep inflation down."
There was broad agreement among the ranks of the external members, namely Tim Besley, Andrew Sentance, Kate Barker and David Blanchflower on the matter and they stressed the importance of managing wider inflation expectations.




E) TRADING TIPS
Learning to place stops is like learning to drive defensively
(Alexander Elder)