CALENDAR 03 DECEMBER 2007 – 07 DECEMBER 2007

Monday, December 03, 2007
-GMT 01:00 JPN BOJ Governor *****ui to Meet With Business Leaders in Nagoya

-GMT 08:55 GER Manufacturing PMI (Nov) EST 52.9 PREVIOUS 51.7
Definition
The Index is widely used by industrialized economies to assess business confidence. Germany, Japan and the UK use PMI surveys for both manufacturing and services industries. The numbers are arrived at through a series of questions regarding Business activity, New Business, Employment, Input Prices, Prices Charged and Business Expectations. In addition to the headline figures, the prices paid components is highly scrutinized by the markets for evaluating pricing power and inflationary risks.

-GMT 09:00 EU Manufacturing PMI (Nov) EST 52.6 PREVIOUS 52.6
Definition
The Index is widely used by industrialized economies to assess business confidence. Germany, Japan and the UK use PMI surveys for both manufacturing and services industries. The numbers are arrived at through a series of questions regarding Business activity, New Business, Employment, Input Prices, Prices Charged and Business Expectations. In addition to the headline figures, the prices paid components is highly scrutinized by the markets for evaluating pricing power and inflationary risks.

-GMT 09:30 UK Manufacturing PMI (Nov) EST 52.6 PREVIOUS 52.9
Definition
The Index is widely used by industrialized economies to assess business confidence. Germany, Japan and the UK use PMI surveys for both manufacturing and services industries. The numbers are arrived at through a series of questions regarding Business activity, New Business, Employment, Input Prices, Prices Charged and Business Expectations. In addition to the headline figures, the prices paid components is highly scrutinized by the markets for evaluating pricing power and inflationary risks.

-GMT 09:30 EU ECB's Trichet Speaks in Brussels

-GMT 10:00 EU Unemployment (Oct) EST 7.3% PREVIOUS 7.3%
Definition
The percentage of the people classified as unemployed as compared to the total labor force.

-GMT 13:00 EU ECB's Gonzalez-Paramo Speaks in Milan

-GMT 13:00 USA Fed's Rosengren Speaks on Subprime Mortgages in Boston

-GMT 15:00 USA ISM Index (Nov) EST 66.0 PREVIOUS 63.0
Definition
The Institute for Supply Management (ISM) Index is a composite diffusion index of national manufacturing conditions. Readings above 50 percent indicate an expanding factory sector. The index is calculated from five of the eight sub-components of a monthly survey of purchasing managers at roughly 400 manufacturing firms representing 20 industries and all 50 states. The survey queries purchasing managers about the general direction of production, orders, inventories, employment, vendor deliveries and prices.

-GMT 15:00 USA ISM-Manufacturing EST 50.5 PREVIOUS 50.9
Definition
Also known as Non-Manufacturing ISM. This index is based on a survey of about 370 purchasing executives in industries of finance, insurance, real estate, communications, and utilities. It reports business activity in the service sector.

-GMT 19:00 EU ECB's Bini Smaghi Speaks in Brussels

-GMT 20:30 USA Yellen Speaks in Seattle on US Outlook and Monetary Policy

Tuesday, December 04, 2007
-GMT 10:00 EU PPI (m/m), (Oct) EST 0.4% PREVIOUS 0.4%
-GMT 10:00 EU PPI (y/y), (Oct) EST 3.0% PREVIOUS 3.7%
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 14:00 CAN Bank of Canada Rate Decision EST 4.5% PREVIOUS 4.5%

-GMT 22:30 AUS RBA Rate Decision EST 6.75% PREVIOUS 6.75%

Wednesday, December 05, 2007
-GMT 08:30 EU ECB's Trichet Speaks in Berlin

-GMT 08:55 GER Services PMI (Nov) EST 53.5 PREVIOUS 55.1
Definition
The Index is widely used by industrialized economies to assess business confidence. Germany, Japan and the UK use PMI surveys for both manufacturing and services industries. The numbers are arrived at through a series of questions regarding Business activity, New Business, Employment, Input Prices, Prices Charged and Business Expectations. In addition to the headline figures, the prices paid components is highly scrutinized by the markets for evaluating pricing power and inflationary risks.

-GMT 09:00 EU Services PMI (Nov) EST 53.7 PREVIOUS 53.7
Definition
The Index is widely used by industrialized economies to assess business confidence. Germany, Japan and the UK use PMI surveys for both manufacturing and services industries. The numbers are arrived at through a series of questions regarding Business activity, New Business, Employment, Input Prices, Prices Charged and Business Expectations. In addition to the headline figures, the prices paid components is highly scrutinized by the markets for evaluating pricing power and inflationary risks.

-GMT 09:30 UK Services PMI (Nov) EST 52.9 PREVIOUS 53.1
Definition
The Index is widely used by industrialized economies to assess business confidence. Germany, Japan and the UK use PMI surveys for both manufacturing and services industries. The numbers are arrived at through a series of questions regarding Business activity, New Business, Employment, Input Prices, Prices Charged and Business Expectations. In addition to the headline figures, the prices paid components is highly scrutinized by the markets for evaluating pricing power and inflationary risks.

-GMT 10:00 EU Retail sales (m/m), (Oct) EST -0.3% PREVIOUS 0.3%
-GMT 10:00 EU Retail sales (y/y), (Oct) EST 1.2% PREVIOUS 1.6%
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 Productivity (Q3) EST 5.6% PREVIOUS 4.9%
Definition
The economic measure of efficiency summarizing the value of outputs relative to the value of inputs.

-GMT 13:30 USA Unit Labor Cost (Q3) EST -0.1% PREVIOUS -0.2%

-GMT 15:00 USA Factory Orders (m/m), (Oct) EST 0.0% PREVIOUS 0.2%
Definition
Factory orders refer to the total of durable and nondurable good orders.

-GMT 15:00 USA ISM Non-Manufacturing (Nov) EST 55.0 PREVIOUS 55.8
Definition
Also known as Non-Manufacturing ISM. This index is based on a survey of about 370 purchasing executives in industries of finance, insurance, real estate, communications, and utilities. It reports business activity in the service sector.

-GMT 20:00 NZD RBNZ Rate Decision EST 8.25% PREVIOUS 8.25%

Thursday, December 06, 2007
-GMT 05:00 JPN Leading Economic Index (P Oct) EST 20.0 PREVIOUS 0.0%


-GMT 05:00 JPN Coincident indicator (P Oct) EST 66.7 PREVIOUS 60.0
Definition
An economic indicator that generally moves in line with the general business cycle such as industrial production.

-GMT 06:00 JPN Machine Tool Orders (y/y), (Nov P) EST % PREVIOUS 16.6%
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 09:30 UK Indus. Production (m/m), (Oct) EST 0.2% PREVIOUS -0.4%
-GMT 09:30 UK Indus. Production (y/y), (Oct) EST 0.7% 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 09:30 UK Manuf. Production (m/m), (Oct) EST 0.2% PREVIOUS -0.6%
-GMT 09:30 UK Manuf. Production (y/y), (Oct) EST 0.4% PREVIOUS -0.1%
Definition
Manufacturing production is the indicator of production level in the manufacturing sector.

-GMT 11:00 GER Factory orders (m/m), (Oct) EST 0.9% PREVIOUS -2.5%
-GMT 11:00 GER Factory orders (y/y), (Oct) EST 6.2% PREVIOUS 1.1%
Definition
Factory orders refer to the total of durable and nondurable good orders.

-GMT 12:00 UK BoE Rate Decision EST 5.75% PREVIOUS 5.75%

-GMT 12:45 EU ECB Rate Decision EST 4.0% PREVIOUS 4.0%

-GMT 13:30 EU Trichet Speaks at ECB Monthly News Conference

-GMT 13:30 USA Initial Claims EST 335k PREVIOUS 352k
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 23:50 JPN GDP (q/q), (Q3 F) EST 0.6% PREVIOUS 0.6%
-GMT 23:50 JPN GDP (y/y), (Q3 ) EST 2.6% PREVIOUS 2.6%
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 F) EST PREVIOUS -0.3%

Friday, December 07, 2007
-GMT 11:00 GER Indus. Production (m/m), (Oct) EST -0.5% PREVIOUS 0.3%
-GMT 11:00 GER Indus. Production (y/y), (Oct) EST 5.9% PREVIOUS 6.0%
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 13:30 USA Nonfarm Payroll (Nov) EST 70k PREVIOUS 166k
-GMT 13:30 USA Unemployment Rate (Nov) EST 4.8% PREVIOUS 4.7%
-GMT 13:30 USA Avg Hrly Earnings (Nov) EST 0.3% PREVIOUS 0.2%
-GMT 13:30 USA Work Week (Nov) EST 33.8hrs PREVIOUS 33.8hrs
Definition
In the US, the employment report, also known as the labor report, is regarded as the most important among all economic indicators. The report provides the first comprehensive look at the economy, covering nine economic categories. Here are the three main components of the report:
Payroll Employment: Measures the change in number of workers in a given month and measures the number of jobs in more than 500 industries (ex-¬farming) in all states and 255 metropolitan areas. The employment estimates are based on a survey of larger businesses and counts the number of paid employees working part-time or full-time in the nation's business and government establishments. This release is the most closely watched indicator because of its timeliness, accuracy and its comprehensiveness. It is important to compare this figure to a monthly moving average (6 or 9 months) to capture a true perspective of the trend in labor market strength. Equally important are the frequent revisions for the prior months, which are often significant.
Unemployment Rate: The percentage of the civilian labor force actively looking for employment but unable to find jobs. Although it is a highly proclaimed figure (due to simplicity of the number and its political implications), the unemployment rate gets relatively less importance in the markets because it is known to be a lagging indicator -- it usually falls behind economic turns.
Average Hourly Earnings Growth: The growth rate between one month’s average hourly rate and another’s sheds light on wage growth and, hence, assesses the potential of wage-push inflation. The year-on-year rate is also important in capturing the longer-term trend.
The employment data give the most comprehensive report on how many people are looking for jobs, how many have them, what they're getting paid and how many hours they are working. These numbers are the best way to gauge the current state and future direction of the economy. They also provide insight on wage trends and wage inflation. By tracking the jobs data, investors can sense the degree of tightness in the job market. If wage
inflation threatens, usually interest rates will rise, and bond and stock prices will fall. One weakness in this indicator is it is subject to significant revisions and large seasonal distortions.

-GMT 14:45 USA Michigan Sentiment (P Dec) EST 75.0 PREVIOUS 76.1
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.

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 04 NOVEMBER 2007 – 09 NOVEMBER 2007

Sunday, November 04, 2007
-GMT 23:50 JPN BoJ Meeting Minutes (September)

Monday, November 05, 2007
-GMT 06:00 JPN BOJ Governor *****ui to Speak at Financial Conference

-GMT 09:30 UK Industrial Production (m/m), (Sep) EST 0.2% PREVIOUS 0.1%
-GMT 09:30 UK Industrial Production (y/y), (Sep) EST 0.4% PREVIOUS 0.7%
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 09:30 UK Manufacturing Production (m/m), (Sep) EST 0.0% PREVIOUS 0.4%
-GMT 09:30 UK Manufacturing Production (y/y), (Sep) EST 0.6% PREVIOUS 0.6%
Definition
Manufacturing production is the indicator of production level in the manufacturing sector.

-GMT 09:30 UK Serv. PMI (Oct) EST 56.2 PREVIOUS 56.7
Definition
The Index is widely used by industrialized economies to assess business confidence. Germany, Japan and the UK use PMI surveys for both manufacturing and services industries. The numbers are arrived at through a series of questions regarding Business activity, New Business, Employment, Input Prices, Prices Charged and Business Expectations. In addition to the headline figures, the prices paid components is highly scrutinized by the markets for evaluating pricing power and inflationary risks.

-GMT 14:00 USA Fed's Mishkin Speaks at Risk Conference in New York

-GMT 15:00 USA ISM Services (Oct) EST 54.1 PREVIOUS 54.8
Definition
Also known as Non-Manufacturing ISM. This index is based on a survey of about 370 purchasing executives in industries of finance, insurance, real estate, communications, and utilities. It reports business activity in the service sector.

-GMT 17:00 USA Fed's Kroszner Speaks on Subprime Mortgages in Virginia

Tuesday, November 06, 2007
-GMT 05:00 JPN Leading indicator (Sep P) EST 0.0 PREVIOUS 27.3

-GMT 05:00 JPN Coincident indicator (Sep P) 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 06:00 JPN BOJ Governor *****ui to Meet With Business Leaders in Kyoto

-GMT 08:55 GER Services PMI (Oct) EST 54.9 PREVIOUS 53.1
Definition
The Index is widely used by industrialized economies to assess business confidence. Germany, Japan and the UK use PMI surveys for both manufacturing and services industries. The numbers are arrived at through a series of questions regarding Business activity, New Business, Employment, Input Prices, Prices Charged and Business Expectations. In addition to the headline figures, the prices paid components is highly scrutinized by the markets for evaluating pricing power and inflationary risks.

-GMT 09:00 EU Services PMI (Oct) EST 55.6 PREVIOUS 55.6
Definition
The Index is widely used by industrialized economies to assess business confidence. Germany, Japan and the UK use PMI surveys for both manufacturing and services industries. The numbers are arrived at through a series of questions regarding Business activity, New Business, Employment, Input Prices, Prices Charged and Business Expectations. In addition to the headline figures, the prices paid components is highly scrutinized by the markets for evaluating pricing power and inflationary risks.

-GMT 10:00 EU PPI (m/m), (Sep) EST 0.4% PREVIOUS 0.1%
-GMT 10:00 EU PPI (y/y), (Sep) EST 2.6% PREVIOUS 1.7%
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 10:00 EU Retail sales (m/m), (Sep) EST 0.5% PREVIOUS 0.1%
-GMT 10:00 EU Retail sales (y/y), (Sep) EST 2.2% PREVIOUS 1.0%
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 11:00 GER Factory orders (m/m), (Sep) EST 0.0% PREVIOUS 1.2%
-GMT 11:00 GER Factory orders (y/y), (Sep) EST 6.5% PREVIOUS 4.0%
Definition
Factory orders refer to the total of durable and nondurable good orders.

-GMT 17:30 USA Bernanke Speaks at Microfinance Conference in San Antonio

-GMT 22:30 AUS RBA Rate Decision EST 6.75% PREVIOUS 6.50%

Wednesday, November 07, 2007
-GMT 11:00 GER Industrial Production (m/m), (Sep) EST -0.4% PREVIOUS 1.7%
-GMT 11:00 GER Industrial Production (y/y), (Sep) EST 5.1% PREVIOUS 5.1%
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 13:30 USA Productivity (P Q3) EST 3.1% PREVIOUS 2.6%
Definition
The economic measure of efficiency summarizing the value of outputs relative to the value of inputs.

-GMT 13:30 USA Unit Labor Costs (P Q3) EST 1.2% PREVIOUS 1.4%

-GMT 13:45 USA Fed’s Lacker Speaks to Credit-Portfolio managers in New York

-GMT 15:00 USA Wholesale Inventories (m/m), (Sep) EST 0.1% PREVIOUS 0.1%

-GMT 17:00 USA Fed's Warsh Speaks to Economist in New York

-GMT 18:10 USA Fed's Lockhart Speaks on U.S. Economic Outlook in Alabama

-GMT 23:50 JPN Machine orders (m/m), (Sep) EST -1.8% PREVIOUS -7.7%
-GMT 23:50 JPN Machine orders (y/y), (Sep) EST -0.9% PREVIOUS -2.6%
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 23:50 JPN M2+CDs (m/m), (Oct) EST 0.1% PREVIOUS 0.2%
-GMT 23:50 JPN M2+CDs (y/y), (Oct) EST 1.7% PREVIOUS 1.7%
Definition
Money Supply
M1 + Quasi-Money (Time Deposits etc.) + CDs
[ Financial institutions surveyed for Deposit Money, Quasi-Money, and CDs ]
Domestically Licensed Banks (including Foreign Trust Banks), Foreign Banks in Japan, Shinkin Central Bank, Shinkin Banks, Norinchukin Bank and Shoko Chukin Bank

-GMT 23:50 JPN Broad liquidity (m/m), (Oct) EST 0.2% PREVIOUS 0.4%
-GMT 23:50 JPN Broad liquidity (y/y), (Oct) EST 4.0% PREVIOUS 4.1%

-GMT 23:50 JPN Bank lending (m/m), (Oct) EST -0.2% PREVIOUS 0.3%
-GMT 23:50 JPN Bank lending (y/y), (Oct) EST 0.7% PREVIOUS 0.6%

Thursday, November 08, 2007
-GMT 07:00 GER Trade balance (Sep) EST 16.2B PREVIOUS 14.1B
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.

-GMT 12:00 UK BOE Rate Decision EST 5.75% PREVIOUS 5.75%

-GMT 12:45 EU ECB Rate Decision EST 4.00% PREVIOUS 4.00%

-GMT 13:30 EU Trichet Speaks at ECB Monthly News Conf.


-GMT 13:30 USA Initial Claims EST 330k PREVIOUS 327K
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.

Friday, November 09, 2007
-GMT 04:30 JPN Industrial production (m/m), (Sep) EST -1.4% PREVIOUS -1.4%
-GMT 04:30 JPN Industrial production (y/y), (Sep) EST % PREVIOUS 0.8%
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 (Sep) EST PREVIOUS 109.7
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 09:30 UK Visible Trade balance (Sep) EST -6900M PREVIOUS -6853M
-GMT 09:30 UK Trade non-EU (Sep) EST -3900M PREVIOUS -3902M
-GMT 09:30 UK Total Trade Balance (Sep) EST -4100M PREVIOUS -4107M
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 13:30 USA Import Prices (m/m), (Oct) EST 1.1% PREVIOUS 1.0%
-GMT 13:30 USA Import Prices (y/y), (Oct) EST PREVIOUS 5.2%
Definition
The Import Price Index measures prices American consumers pay for imports. Export Price Index measures prices American producers charge for exports. Every month, the Bureau of Labor Statistics collects net transaction prices for more than 20,000 products from over 6,000 companies and secondary sources. These prices are then weighted according to the relative importance and are not seasonally adjusted. Changes in import and export prices gauge inflation here and abroad. Inflation leads to higher interest rates.

-GMT 13:30 USA International Trade (Sep) EST -58.5$B PREVIOUS -57.6$B
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 15:00 USA U. of Michigan Confidence (P Nov) EST 80.0 PREVIOUS 80.9
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.

CALENDAR 28 OCTOBER 2007 – 02 NOVEMBER 2007

Sunday, October 28, 2007
-GMT 23:50 JPN Retail Sales seasonally adjusted (m/m), (Sep) EST -2.0% PREVIOUS 3.9%
-GMT 23:50 JPN Retail Sales (y/y), (Sep) EST -0.5% PREVIOUS 0.5%
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.

Monday, October 29, 2007
-GMT 23:30 JPN Household spend (m/m), (Sep) EST -1.4% PREVIOUS -0.4%
-GMT 23:30 JPN Household spend (y/y), (Sep) EST 1.0% PREVIOUS 1.6%

-GMT 23:30 JPN Unemployment (Sep) EST 3.8% PREVIOUS 3.8%
Definition
The percentage of the people classified as unemployed as compared to the total labor force.

Tuesday, October 30, 2007
-GMT 08:55 GER Unemployment Change (Oct) EST -25K PREVIOUS -50K
-GMT 08:55 GER Unemployment Rate s.a. (Oct) EST % PREVIOUS 8.8%
Definition
The percentage of the people classified as unemployed as compared to the total labor force.

-GMT 14:00 USA Consumer Confidence (Oct) EST 100.0 PREVIOUS 99.8
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.


Wednesday, October 31, 2007
-Japan – Monetary Policy Meeting

-Japan- BoJ Rate Decision EST 0.5% PREVIOUS 0.5%

-GMT 05:00 JPN Housing starts (y/y), (Sep) EST % PREVIOUS -43.3%
-GMT 05:00 JPN Annualized Housing Starts (Sep) EST k PREVIOUS 729k

-GMT 05:00 JPN Construction orders (y/y), (Sep) EST -11.8% PREVIOUS -14.2%

-GMT 10:00 EU Consumer Confidence (Oct) EST PREVIOUS -5.0
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 10:00 EU Industrial Confidence (Oct) EST PREVIOUS 3.0

-GMT 10:00 EU HICP Estimate (y/y), (Oct) EST 2.3% PREVIOUS 2.1%
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 10:00 EU Unemployment (Sep) EST 6.9% PREVIOUS 6.9%
Definition
The percentage of the people classified as unemployed as compared to the total labor force.

-GMT 10:30 UK GFK Survey (Oct) EST PREVIOUS -7.0
Definition
This index is based on the following question to consumers: ‘How do you think the general economic situation will develop in the next 12 months?’ (improve – stagnate – deteriorate). About 2000 interviews are conducted each month.

-GMT 12:30 USA Employment Cost (q/q), (Q3) EST 0.9% PREVIOUS 0.9%
Definition
The Employment Cost Index measures wages and inflation and provides the most comprehensive analysis of worker compensation,including wages, salaries and fringe benefits. The ECI is one of the Fed’s favorite quarterly economic statistics


-GMT 12:30 USA GDP Annualized (q/q), (3Q) EST 3.1% PREVIOUS 3.8%
-GMT 12:30 USA GDP Price Index (y/y), (3Q) EST 2.2% PREVIOUS 2.6%
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 13:45 USA Chicago PMI (Oct) EST 53.5 PREVIOUS 54.2
Definition
The Chicago PMI (officially known as the Business Barometer) is a monthly composite index based on opinion surveys of more than 200 Chicago purchasing managers regarding the manufacturing industry. The survey responses are limited to three options: slower, faster and same. As such, the index will not capture if a component is growing but at a much slower rate or vice versa. The index is a composite of seven similarly constructed indexes including: new orders, production, supplier delivery times, backlogs, inventories, prices paid, and employment. New orders and orders backlog indices indicate future production activity. It signals factory-sector expansion when it is above 50 and contraction when below it. The index is seasonally adjusted for the effects of variations within the year, differences due to holidays and institutional changes. Because it is an opinion survey, it is often influenced by respondents’ perception of current events, as opposed to actual hard data. Also, it does not capture technological and production changes, which make it possible for production to expand, while employment contracts. Because the Chicago PMI is released the day before the ISM, it is watched in order to predict the more important ISM report, which is in itself a good leading indicator of overall economic activity. It frequently moves markets

-GMT 15:00 USA Construction Sp (m/m), (Sep) EST -0.3% PREVIOUS 0.2%
Definition
Measures the total amount of spending in the U.S. on all types of construction. The residential construction component is useful for predicting future national new homes sales and mortgage origination volume.

-GMT 18:15 USA FOMC Rate Decision EST 4.50% PREVIOUS 4.75%
Definition
The Federal Open Market Committee is a twelve-member committee made up of the seven members of the Board of Governors and five Federal Reserve Bank presidents. It meets eight times per year to determine the near-term direction of monetary policy, such as setting guidelines for the purchase and sale of government securities and setting policy relating to System operations in the foreign exchange markets. These changes in monetary policy are now announced immediately after FOMC meetings. Most importantly, the Fed determines interest rate policy at FOMC meetings. Market participants speculate about the possibility of an interest rate change at these meetings, and if the outcome is different from expectations, the impact on the markets


can be dramatic and far-reaching. The interest rate set by the Fed the federal funds rate serves as a benchmark for all other rates. A change in the fed funds rate, the lending rate banks charge each other for the use of overnight funds, translates directly through to all other interest rates from Treasury bonds to mortgage loans. It also changes the dynamics of competition for investor dollars: when bonds yield 10 percent, they will attract more money away from stocks then when they only yield 5 percent. The level of interest rates affects the economy higher rates tend to slow activity; lower rates stimulate activity, a ripple effect that expands into all sectors of the economy.

Thursday, November 01, 2007
- GMT 08:55 GER Manuf. PMI (Oct) EST PREVIOUS 54.9
Definition
The Index is widely used by industrialized economies to assess business confidence. Germany, Japan and the UK use PMI surveys for both manufacturing and services industries. The numbers are arrived at through a series of questions regarding Business activity, New Business, Employment, Input Prices, Prices Charged and Business Expectations. In addition to the headline figures, the prices paid components is highly scrutinized by the markets for evaluating pricing power and inflationary risks.

- GMT 09:30 UK Manuf. PMI (Oct) EST PREVIOUS 55.1
Definition
The Index is widely used by industrialized economies to assess business confidence. Germany, Japan and the UK use PMI surveys for both manufacturing and services industries. The numbers are arrived at through a series of questions regarding Business activity, New Business, Employment, Input Prices, Prices Charged and Business Expectations. In addition to the headline figures, the prices paid components is highly scrutinized by the markets for evaluating pricing power and inflationary risks.

- GMT 12:30 USA Initial Claims EST k PREVIOUS K
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 12:30 USA Personal Income (m/m), (Sep) EST 0.4% PREVIOUS 0.3%
Definition
Personal income is simply the income received by individuals, nonprofit institutions, and private trust funds.
This indicator is vital for the sales sector. Without an adequate personal income and a propensity to purchase, consumer purchases of durable and nondurable goods are limited.


-GMT 12:30 USA Personal Spending (m/m), (Sep) EST 0.0% PREVIOUS 0.6%
Definition
Personal Spending, also known as PCE, represents the change in the market value of all goods and services purchased by individuals. It is the largest component of GDP.

-GMT 12:30 USA PCE Deflator (y/y),(Sep) EST % PREVIOUS 1.8%

-GMT 12:30 USA Core PCE Deflator (m/m),(Sep) EST % PREVIOUS 0.1%
-GMT 12:30 USA Core PCE Deflator (y/y), (Sep) EST 1.9% PREVIOUS 1.8%

-GMT 14:00 USA ISM Index (Oct) EST PREVIOUS 59
Definition
The Institute for Supply Management (ISM) Index is a composite diffusion index of national manufacturing conditions. Readings above 50 percent indicate an expanding factory sector. The index is calculated from five of the eight sub-components of a monthly survey of purchasing managers at roughly 400 manufacturing firms representing 20 industries and all 50 states. The survey queries purchasing managers about the general direction of production, orders, inventories, employment, vendor deliveries and prices.

-GMT 14:00 USA ISM Manufacturing (OCT) EST 52 PREVIOUS 52
Definition
A national manufacturing index based on a survey of purchasing executives at roughly 300 industrial companies. Signals expansion when the PMI is above 50 and contraction when below.

Friday, November 02, 2007
-GMT 09:00 EU Manuf. PMI (Oct) EST PREVIOUS 53.2
Definition
The Index is widely used by industrialized economies to assess business confidence. Germany, Japan and the UK use PMI surveys for both manufacturing and services industries. The numbers are arrived at through a series of questions regarding Business activity, New Business, Employment, Input Prices, Prices Charged and Business Expectations. In addition to the headline figures, the prices paid components is highly scrutinized by the markets for evaluating pricing power and inflationary risks.


-GMT 12:30 USA Nonfarm Payroll (Oct) EST 90k PREVIOUS 110k
-GMT 12:30 USA Unemployment Rate (Oct) EST 4.7% PREVIOUS 4.7%
-GMT 12:30 USA Avg Hrly Earnings (Oct) EST 0.2% PREVIOUS 0.4%
-GMT 12:30 USA Work Week (Oct) EST 33.8hrs PREVIOUS 33.8hrs
Definition
In the US, the employment report, also known as the labor report, is regarded as the most important among all economic indicators. The report provides the first comprehensive look at the economy, covering nine economic categories. Here are the three main components of the report:
Payroll Employment: Measures the change in number of workers in a given month and measures the number of jobs in more than 500 industries (ex-¬farming) in all states and 255 metropolitan areas. The employment estimates are based on a survey of larger businesses and counts the number of paid employees working part-time or full-time in the nation's business and government establishments. This release is the most closely watched indicator because of its timeliness, accuracy and its comprehensiveness. It is important to compare this figure to a monthly moving average (6 or 9 months) to capture a true perspective of the trend in labor market strength. Equally important are the frequent revisions for the prior months, which are often significant.
Unemployment Rate: The percentage of the civilian labor force actively looking for employment but unable to find jobs. Although it is a highly proclaimed figure (due to simplicity of the number and its political implications), the unemployment rate gets relatively less importance in the markets because it is known to be a lagging indicator -- it usually falls behind economic turns.
Average Hourly Earnings Growth: The growth rate between one month’s average hourly rate and another’s sheds light on wage growth and, hence, assesses the potential of wage-push inflation. The year-on-year rate is also important in capturing the longer-term trend.
The employment data give the most comprehensive report on how many people are looking for jobs, how many have them, what they're getting paid and how many hours they are working. These numbers are the best way to gauge the current state and future direction of the economy. They also provide insight on wage trends and wage inflation. By tracking the jobs data, investors can sense the degree of tightness in the job market. If wage inflation threatens, usually interest rates will rise, and bond and stock prices will fall. One weakness in this indicator is it is subject to significant revisions and large seasonal distortions.

-GMT 14:00 USA Factory Orders (m/m), (Sep) EST 1.3% PREVIOUS -3.3%
Definition
Factory orders refer to the total of durable and nondurable good orders



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