CALENDAR 03 SEP 2006 – 08 SEP 2006

Sunday, 03 Sep, 2006
-GMT 23:50 JPN Monetary Base (y/y), (Aug) EST -20.5% PREVIOUS -17.8%
Definition
The monetary base is the "Currency Supplied by the Bank of Japan" and is defined as follows. Monetary base = Banknotes in Circulation + Coins in Circulation + Current Account Balances (Current Account Deposits in the Bank of Japan)

Monday, 04 Sep, 2006
-Labor Day Holiday (US and Canadian Markets Closed)

-GMT 09:00 EU PPI (m/m), (Jul) EST 0.5% PREVIOUS 0.2%
-GMT 09:00 EU PPI (y/y), (Jul) EST 5.8% PREVIOUS 5.8%
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.

Tuesday, 05 Sep, 2006
-GMT 07:00 EU ECB's Tumpel-Gugerell Holds Speech in Frankfurt

-GMT 07:55 GER Serv. PMI (Aug) EST 56.0 PREVIOUS 56.1
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 08:00 EU Serv. PMI (Aug) EST 57.5 PREVIOUS 57.9
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 08:30 UK Serv. PMI (Aug) EST 57.5 PREVIOUS 57.9
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 09:00 EU Retail sales (m/m), (Jul) EST -0.3% PREVIOUS 0.5%
-GMT 09:00 EU Retail sales (y/y), (Jul) EST 1.2% PREVIOUS 1.5%
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.

-GMT 23:30 AUS RBA Rate Decision EST 6.0% PREVIOUS 6.0%

Wednesday, 06 Sep, 2006
-GMT 07:00 EU Bundesbank President Weber Discusses Economic Outlook

-GMT 08:30 UK Indus. prod. (m/m), (Jul) EST 0.2% PREVIOUS -0.1%
-GMT 08:30 UK Indus. prod. (y/y), (Jul) 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 08:30 UK Manuf. prod. (m/m), (Jul) EST 0.2% PREVIOUS 0.1%
-GMT 08:30 UK Manuf. prod. (y/y), (Jul) EST 0.7% PREVIOUS 0.9%
Definition
Manufacturing production is the indicator of production level in the manufacturing sector.


-GMT 10:00 GER Factory orders (m/m), (Jul) EST 1.0% PREVIOUS -0.5%
-GMT 10:00 GER Factory orders (y/y), (Jul) EST 4.9% PREVIOUS 0.8%
Definition
Factory orders refer to the total of durable and nondurable good orders.

-GMT 12:30 USA Productivity (Q2) EST 1.5% PREVIOUS 1.1%
Definition
The economic measure of efficiency summarizing the value of outputs relative to the value of inputs.

-GMT 12:30 USA Unit Labor Cost (Q2) EST 3.8% PREVIOUS 4.2%

-GMT 13:00 CAN Bank of Canada Rate Decision EST 4.25% PREVIOUS 4.25%

-GMT 14:00 USA ISM Non-Manufacturing index (Aug) EST 55.0 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 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, 07 Sep, 2006
-GMT 05:00 JPN Bank of Japan Monetary Policy Meeting

-GMT 05:00 JPN Leading index (Jul P) EST 40 PREVIOUS 54.5

-GMT 05:00 JPN Coincident index (Jul P) EST 83.3 PREVIOUS 90.0
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) (Aug P) EST na PREVIOUS 2.2%
Definition
Machine Orders Data (also known as Machine Tool Order Data) is a figure issued by Japan Machine Tool Builders Association (JMTBA) every month. It serves as one indicator of the Japanese economy. In the forex market, the release of such data is often followed by sharp change in currency exchange rate.

-GMT 07:00 EU ECB's Mersch Holds Speech in Luxembourg

-GMT 10:00 GER Indus. prod. (m/m), (Jul) EST 0.5% PREVIOUS -0.4%
- GMT 10:00 GER Indus. prod. (y/y), (Jul) EST 4.0% PREVIOUS 4.6%
Definition
Industrial production consists of the total output of a nation’s plants, utilities, and mines. From a fundamental point of view, it is an important economic indicator that reflects the strength of the economy, and by extrapolation, the strength of a specific currency.

-GMT 11:00 UK BoE rate EST 4.75% PREVIOUS 4.75%

-GMT 12:30 USA Initial Claims EST 312k PREVIOUS 316k
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 Wholesale Inven (m/m), (Jul) EST 0.7% PREVIOUS 0.8%

-GMT 14:00 USA Wholesale Sales (m/m), (Jul) EST 0.5% PREVIOUS 1.4%

-GMT 18:40 USA Fed's Yellen Speaks on Economic Outlook in Idaho

-GMT 23:50 JPN M2+CDs (m/m), (Aug) EST 0.2% PREVIOUS -0.5%
-GMT 23:50 JPN M2+CDs (y/y), (Aug) EST 0.5% PREVIOUS 0.5%
Definition
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 (y/y), (Aug) EST 1.8% PREVIOUS 1.7%

- GMT 23:50 JPN Bank Lending (y/y), (Aug) EST 2.1% PREVIOUS 2.0%


Friday, 08 Sep, 2006
-JPN Bank of Japan Rate Decision EST 0.25% PREVIOUS 0.25%

-GMT 06:00 JPN Bank of Japan Monthly Report

-GMT 06:00 GER Trade Balance (Jul) EST 12.7B PREVIOUS 13.3B
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.

-GMT 19:00 USA Consumer Credit (Jul) EST 7.5$bn PREVIOUS 10.3$bn
Definition
Consumer credit represents loans to households for financing consumer purchases of goods and services and for refinancing existing consumer debt.