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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 15 OCTOBER 2007 – 19 OCTOBER 2007

Monday, October 15, 2007
-GMT 00:30 JPN BOJ Governor *****ui to Speak at Branch Managers' Meeting

-GMT 04:30 JPN Indus. production (m/m), (Aug) EST 3.4% PREVIOUS 3.4%
-GMT 04:30 JPN Indus. production (y/y), (Aug) EST 4.3% 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 04:30 JPN Capacity Util. (Aug) EST % PREVIOUS 104.4%
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 12:30 USA Empire Manufacturing (Oct) EST 13.1 PREVIOUS 14.7
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 23:00 USA Bernanke Speaks to Economic Club of New York Dinner

Tuesday, October 16, 2007
-GMT 06:00 GER CPI final (m/m), (Sep) EST 0.2% PREVIOUS 0.2%
-GMT 06:00 GER CPI final (y/y), (Sep) EST 2.5% PREVIOUS 2.5%
-GMT 06:00 GER HICP final (m/m), (Sep) EST 0.2% PREVIOUS 0.2%
-GMT 06:00 GER HICP final (y/y), (Sep) EST 2.7% 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 08:30 UK CPI (m/m), (Sep) EST 0.2% PREVIOUS 0.4%
-GMT 08:30 UK CPI (y/y), (Sep) 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 08:30 UK CPI-Core (y/y), (Sep) EST 1.8% PREVIOUS 1.8%
Definition
This indicator is a derivative of the CPI that excludes the volatile Food and Energy items.

-GMT 09:00 GER ZEW Sentiment (Oct) EST -22.3 PREVIOUS -18.1
-GMT 09:00 GER ZEW current (Oct) EST 70.0 PREVIOUS 74.4
-GMT 09:00 EU ZEW Sentiment (Oct) EST -25.0 PREVIOUS -20.3
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 09:00 EU HICP core (y/y), (Sep) 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 HICP final (m/m), (Sep) EST 0.4% PREVIOUS 0.1%
-GMT 09:00 EU HICP final (y/y), (Sep) EST 2.1% 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 13:00 CAN BoC Rate Decision EST 4.5% PREVIOUS 4.5%

-GMT 13:00 USA Net Foreign Security Purchases (Aug) EST $60.0B PREVIOUS $19.2B
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 Industrial Prod (m/m), (Sep) EST 0.1% 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. (Sep) EST 82.1% PREVIOUS 82.2%
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 17:00 USA NAHB Housing Market Index (Oct) EST 19 PREVIOUS 20
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 23:50 JPN Tertiary Industry Index (m/m), (Aug) EST 1.0% PREVIOUS -0.5%
-GMT 23:50 JPN Tertiary Industry Index (y/y), (Aug) EST 2.0% PREVIOUS 1.3%
Definition
The tertiary index measures activity in six industries: utilities, transport and telecommunications, wholesale and retail, finance and insurance, real estate and services.

Wednesday, October 17, 2007
-GMT 05:00 JPN Leading index (Aug) EST 27.3 PREVIOUS 30.0

-GMT 05:00 JPN Coincident index (Aug) EST 85.0 PREVIOUS 83.3
Definition
An economic indicator that generally moves in line with the general business cycle such as industrial production.

-GMT 07:00 EU ECB Council Member Liikanen Speaks in Helsinki

-GMT 08:30 UK BoE Minutes

-GMT 08:30 UK Av. Earnings inc bonus (3Mo/Yr), (Aug) EST 3.6% PREVIOUS 3.5%
Definition
The Average Earnings Index (AEI) measures the average wage, including bonuses, paid to employees.

-GMT 08:30 UK Average Earnings ex bonus (3Mo/Yr), (Aug) EST 3.6% PREVIOUS 3.5%
Definition
The Average Earnings Index (AEE) measures the average wage, paid to employees

-GMT 08:30 UK Claimant count Rate (Sep) 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 08:30 UK ILO Unemployment Rate (3Mo),(Aug) EST 5.4% PREVIOUS 5.4%
Definition
The percentage of the people classified as unemployed as compared to the total labor force.

-GMT 12:30 USA CPI (m/m), (Sep) EST 0.2% PREVIOUS -0.1%
-GMT 12:30 USA CPI (y/y), (Sep) EST 2.8% 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 12:30 USA CPI Core (m/m), (Sep) EST 0.2% PREVIOUS 0.2%
-GMT 12:30 USA CPI Core (y/y), (Sep) EST 2.1% PREVIOUS 2.1%
Definition
This indicator is a derivative of the CPI that excludes the volatile Food and Energy items.

-GMT 12:30 USA Housing Starts (Sep) EST 1283k PREVIOUS 1331k
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 Permits (Sep) EST 1288k PREVIOUS 1322k

-GMT 18:00 USA Fed’s Beige Book
Definition
Officially known as the Survey on Current Economic Conditions, the Beige Book, is published eight times per year by a Federal Reserve Bank, containing anecdotal information on current economic and business conditions in its District through reports from Bank and Branch directors, and interviews with key business contacts, economists, market experts, and other sources. The Beige Book highlights the activity information by District and sector. The survey normally covers a period of about 4-weeks in duration, and is released two weeks prior to each FOMC meeting, which is also held eight times per year. While being deemed by some as a lagging report, the Beige Book has usually served as a helpful indicator to FOMC policy decisions on monetary policy.

Thursday, October 18, 2007
-GMT 00:45 USA Hoenig Speaks on Economy at Business Forum in Oklahoma

-GMT 08:30 UK Retail sales (m/m), (Sep) EST 0.1% PREVIOUS 0.6%
-GMT 08:30 UK Retail sales (y/y), (Sep) EST 5.5% PREVIOUS 4.9%
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 09:00 EU Trade balance (Aug) EST B PREVIOUS 4.6B
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 12:30 USA Initial Claims EST 312k PREVIOUS 308k
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 14:00 USA Leading Indicators (m/m), (Sep) EST 0.3% PREVIOUS -0.6%
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 (Oct) EST 7.0 PREVIOUS 10.9
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 21:00 EU ECB's Trichet Speaking in Washington

-GMT 23:50 JPN All-Industries Index (m/m), (Aug) EST 1.1% PREVIOUS -0.4%
-GMT 23:50 JPN All-Industries Index (y/y), (Aug) EST 2.0% PREVIOUS 1.2%
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.

Friday, October 19, 2007
-GMT 06:00 GER PPI (m/m), (Sep) EST 0.4% PREVIOUS 0.1%
-GMT 06:00 GER PPI (y/y), (Sep) EST 1.8% PREVIOUS 1.0%
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.

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-GMT 08:30 UK GDP (q/q), (3Q) EST 0.7% PREVIOUS 0.8%
-GMT 08:30 UK GDP (y/y), (3Q) EST 3.1% PREVIOUS 3.1%
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 14:00 USA Bernanke, Poole Speak at St. Louis Fed Economic Conference

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 currency pair. AKFOREX shall not assume any legal liability or responsibility for any incorrect, misleading or altered information contained herein.

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