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Mar 10 – 01:00	WLD	OPEC release monthly oil market report
Mar 10 – 01:30	AU	Housing FinanceThe value of loans provided to individuals and corporations. An increase in Investment Lending forecasts growth in the economy since greater capital investments typically finance expansions of output and productivity and usually occur in periods of high consumer and business confidence. During these periods borrowers are willing to make investments because they hold reasonable expectations that their investments will pay off in the future. By making these investments, borrowers both increase private expenditure and enhance the future productive capacity of the economy. Though, this figure typically does not have significant impact upon markets. The figure is reported as a seasonally adjusted percentage change from the previous month.	Jan	% m/m		-7.9	2	-5.5
Mar 10 – 08:00	DE	Current Account (nsa)The German Current Account acts as a gauge for how Germany’s economy interacts with the rest of the world. Current account is one of the three components (Financial Account, Capital Account and Current Account) that make up a country’s Balance of Payments, the detailed accounting of all international interactions. Where the other side of the Balance of Payments, Capital and Financial Accounts, deals mainly with financial assets and investments, the Current Account gives a detailed breakdown of how the country intermingles with rest of the global economy on a routine, non-investment basis. The Current Account tracks the trade balance (exports and imports for goods and services), income payments (such as interest, dividends and salaries) and unilateral transfers (aid, taxes, and one-way.pngts). A positive value (current account surplus) records that the flow of capital from these components into Germany exceeds the capital leaving the country. A negative value (current account deficit) means that there is a net capital outflow from these sources. Since the German economy is by far the largest in the EU, German Current Account has significant weight on the Euro. Persistent Current Account surpluses may lead to a natural appreciation of a currency, as trade, income and transfer payments usually reflect Euros coming into the country (just as underlying deficit act as depreciating weight). There are a number of factors that often work to diminish the impact of the Current Account release on the market. The report is not very timely, released monthly about two weeks after the reporting period. In addition, many of the components that lead to the final Current Account, such as production and trade figures, are known well in advance. Lastly, since the report reflect data for a specific reporting month, any significant developments in the Current Account should plausibly have been already felt during that month and not during the release of data. But due to the significance of German Current Account in tracking foreign exchange developments, the report has a history of moving markets upon release. The headline number is the Current Account balance and the percentage change in the Current Account from the previous month.	Jan	EURbn		3.6	15	19.9
Mar 10 – 08:00	DE	Trade BalanceThe difference between the value of exports and imports in Germany. Trade Balance is one of the biggest components of Germany ’s Balance of Payment. As Germany is Europe’s largest economy and given Germany’s export oriented economy, trade data can give critical insight into pressures on the value of the Euro. In order to gauge the effect of German Trade Balance on the Euro, German trade is separated into intra-Euro-zone trades and extra-Euro-zone trades. Intra-trades between Germany and Euro-zone member countries have no affect on the overall valuation of Euro. Extra-trades between Germany and other countries outside of Euro-zone do impact the overall Euro-zone trade balance. Given Germany’s large share of Euro-zone exports, the figure tends to move the market upon release. Trade surpluses reflect funds coming into Germany in exchange for goods and services. Such currency inflows may lead to a natural appreciation of a Euro, unless countered by similar capital outflows. At a bare minimum, surpluses will boost up the value of the currency.	Jan	EURbn
Mar 10 – 08:00	DE	Current Account (nsa)The German Current Account acts as a gauge for how Germany’s economy interacts with the rest of the world. Current account is one of the three components (Financial Account, Capital Account and Current Account) that make up a country’s Balance of Payments, the detailed accounting of all international interactions. Where the other side of the Balance of Payments, Capital and Financial Accounts, deals mainly with financial assets and investments, the Current Account gives a detailed breakdown of how the country intermingles with rest of the global economy on a routine, non-investment basis. The Current Account tracks the trade balance (exports and imports for goods and services), income payments (such as interest, dividends and salaries) and unilateral transfers (aid, taxes, and one-way.pngts). A positive value (current account surplus) records that the flow of capital from these components into Germany exceeds the capital leaving the country. A negative value (current account deficit) means that there is a net capital outflow from these sources. Since the German economy is by far the largest in the EU, German Current Account has significant weight on the Euro. Persistent Current Account surpluses may lead to a natural appreciation of a currency, as trade, income and transfer payments usually reflect Euros coming into the country (just as underlying deficit act as depreciating weight). There are a number of factors that often work to diminish the impact of the Current Account release on the market. The report is not very timely, released monthly about two weeks after the reporting period. In addition, many of the components that lead to the final Current Account, such as production and trade figures, are known well in advance. Lastly, since the report reflect data for a specific reporting month, any significant developments in the Current Account should plausibly have been already felt during that month and not during the release of data. But due to the significance of German Current Account in tracking foreign exchange developments, the report has a history of moving markets upon release. The headline number is the Current Account balance and the percentage change in the Current Account from the previous month.	Jan	EURbn
Mar 10 – 08:00	DE	Trade BalanceThe difference between the value of exports and imports in Germany. Trade Balance is one of the biggest components of Germany ’s Balance of Payment. As Germany is Europe’s largest economy and given Germany’s export oriented economy, trade data can give critical insight into pressures on the value of the Euro. In order to gauge the effect of German Trade Balance on the Euro, German trade is separated into intra-Euro-zone trades and extra-Euro-zone trades. Intra-trades between Germany and Euro-zone member countries have no affect on the overall valuation of Euro. Extra-trades between Germany and other countries outside of Euro-zone do impact the overall Euro-zone trade balance. Given Germany’s large share of Euro-zone exports, the figure tends to move the market upon release. Trade surpluses reflect funds coming into Germany in exchange for goods and services. Such currency inflows may lead to a natural appreciation of a Euro, unless countered by similar capital outflows. At a bare minimum, surpluses will boost up the value of the currency.	Jan	EURbn		8.7	14.5	16.6
Mar 10 – 08:00	DE	CPI (F)Assesses changes in the cost of living by measuring changes in the prices of consumer items. The CPI is the headline inflation figure that indicates the strength of domestic inflationary pressures. Simply put, inflation reflects a decline in the purchasing power of the Euro in Germany , where each Euro buys fewer goods and services. CPI is the most popular way to measure changes in purchasing power. The report tracks changes in the price of a basket of goods and services that a typical German household might purchase. An increase in the index indicates that it takes more Euros to purchase this same set of basic consumer items. The German CPI is significant as one of the primary gauges of inflation. As the largest Euro-zone economy, inflation in Germany will contribute significantly to inflation in the Euro-zone and the behavior of the European Central Bank. High or rising inflation acts as a signal to the ECB to raise interest rates, an action which will result in the strengthening of the Euro. The headline figure for CPI is the percentage change in monthly and annualized percentage term.	Feb	% m/m			0.2	0.2
Mar 10 – 08:00	DE	CPI (F)Assesses changes in the cost of living by measuring changes in the prices of consumer items. The CPI is the headline inflation figure that indicates the strength of domestic inflationary pressures. Simply put, inflation reflects a decline in the purchasing power of the Euro in Germany , where each Euro buys fewer goods and services. CPI is the most popular way to measure changes in purchasing power. The report tracks changes in the price of a basket of goods and services that a typical German household might purchase. An increase in the index indicates that it takes more Euros to purchase this same set of basic consumer items. The German CPI is significant as one of the primary gauges of inflation. As the largest Euro-zone economy, inflation in Germany will contribute significantly to inflation in the Euro-zone and the behavior of the European Central Bank. High or rising inflation acts as a signal to the ECB to raise interest rates, an action which will result in the strengthening of the Euro. The headline figure for CPI is the percentage change in monthly and annualized percentage term.	Feb	% y/y			0.4	0.4
Mar 10 – 08:00	DE	HICP (F)Assesses changes in the cost of living by measuring changes in the prices of consumer items. The CPI is the headline inflation figure that indicates the strength of domestic inflationary pressures. Simply put, inflation reflects a decline in the purchasing power of the Euro in Germany , where each Euro buys fewer goods and services. CPI is the most popular way to measure changes in purchasing power. The report tracks changes in the price of a basket of goods and services that a typical German household might purchase. An increase in the index indicates that it takes more Euros to purchase this same set of basic consumer items. The German CPI is significant as one of the primary gauges of inflation. As the largest Euro-zone economy, inflation in Germany will contribute significantly to inflation in the Euro-zone and the behavior of the European Central Bank. High or rising inflation acts as a signal to the ECB to raise interest rates, an action which will result in the strengthening of the Euro. The headline figure for CPI is the percentage change in monthly and annualized percentage term. The Harmonized Index of Consumer Prices (HICP) provides a common measurement of inflation that facilitates carrying out international comparisons. It is obtained as a result of homogenising the most significant methodological aspects of each one of the Consumer Price Indices from each one of the member states of the European Union (EU) to make them comparable. The HICP of each country covers the divisions that exceed one per thousand of the total expense of the national shopping basket.	Feb	% m/m			0.2	0.2
Mar 10 – 08:00	DE	HICP (F)Assesses changes in the cost of living by measuring changes in the prices of consumer items. The CPI is the headline inflation figure that indicates the strength of domestic inflationary pressures. Simply put, inflation reflects a decline in the purchasing power of the Euro in Germany , where each Euro buys fewer goods and services. CPI is the most popular way to measure changes in purchasing power. The report tracks changes in the price of a basket of goods and services that a typical German household might purchase. An increase in the index indicates that it takes more Euros to purchase this same set of basic consumer items. The German CPI is significant as one of the primary gauges of inflation. As the largest Euro-zone economy, inflation in Germany will contribute significantly to inflation in the Euro-zone and the behavior of the European Central Bank. High or rising inflation acts as a signal to the ECB to raise interest rates, an action which will result in the strengthening of the Euro. The headline figure for CPI is the percentage change in monthly and annualized percentage term. The Harmonized Index of Consumer Prices (HICP) provides a common measurement of inflation that facilitates carrying out international comparisons. It is obtained as a result of homogenising the most significant methodological aspects of each one of the Consumer Price Indices from each one of the member states of the European Union (EU) to make them comparable. The HICP of each country covers the divisions that exceed one per thousand of the total expense of the national shopping basket.	Feb	% y/y			0.3	0.3
Mar 10 – 08:00	SE	Prospera Expectations Survey	Q1
Mar 10 – 08:45	FR	Industrial ProductionMeasures the level of production of French industries. French Industrial Production tracks relative changes in the production of goods, excluding energy and food, whether they are sold domestically or abroad. The headline figure is the percentage change in the index from the previous quarter or year. Industrial Production is highly sensitive to the business cycle, and so can forecast changes in employment, earnings, and personal income. Consequently, Industrial Production is considered a reliable leading indicator of the overall health of the French economy. Relevance : Rarely affects markets	Jan	% m/m		1.6	0.1	-0.2
Mar 10 – 08:45	FR	Industrial ProductionMeasures the level of production of French industries. French Industrial Production tracks relative changes in the production of goods, excluding energy and food, whether they are sold domestically or abroad. The headline figure is the percentage change in the index from the previous quarter or year. Industrial Production is highly sensitive to the business cycle, and so can forecast changes in employment, earnings, and personal income. Consequently, Industrial Production is considered a reliable leading indicator of the overall health of the French economy. Relevance : Rarely affects markets	Jan	% y/y		3.5	1.7	-1.8
Mar 10 – 08:45	FR	Manufacturing Production	Jan	% m/m			0.2	-0.8
Mar 10 – 08:45	FR	Manufacturing Production	Jan	% y/y		4.4		-1.4
Mar 10 – 09:00	ES	Retail Sales	Jan	% y/y		-2.8		-2.1
Mar 10 – 09:30	SE	Industrial Orders	Jan	%m/m				-1.1
Mar 10 – 09:30	SE	Industrial Orders	Jan	%y/y				8
Mar 10 – 09:30	SE	Industrial Production	Jan	%m/m		1.6	0.8	1.8
Mar 10 – 09:30	SE	Industrial Production	Jan	%y/y		-0.2	-1.7	-5.8
Mar 10 – 09:30	DK	CPI	Feb	% m/m		0.9	0.9	0.3
Mar 10 – 09:30	DK	CPI	Feb	%y/y		1.8	1.7	2
Mar 10 – 09:30	DK	HICP	Feb	% m/m		1.2	0.7	0.3
Mar 10 – 09:30	DK	HICP	Feb	%y/y		1.9	1.5	1.9
Mar 10 – 10:00	NO	Core CPI	Feb	% y/y		1.9	1.9	2.3
Mar 10 – 10:00	NO	Core CPI	Feb	%m/m		0.7	0.7	-0.6
Mar 10 – 10:00	NO	CPI	Feb	% y/y		3	2.6	2.5
Mar 10 – 10:00	NO	CPI	Feb	%m/m		1.3	0.8	0.2
Mar 10 – 10:00	NO	PPI inc. Oil	Feb	% y/y		18.8	17.4	13.8
Mar 10 – 10:00	NO	PPI inc. Oil	Feb	%m/m		2.1	0.8	3.9
Mar 10 – 10:00	IT	Industrial Production (sa)Change in the total inflation-adjusted value of output produced by manufacturers, mines, and utilities. It’s a leading indicator of economic health – production reacts quickly to ups and downs in the business cycle, and is correlated with consumer conditions such as employment levels and earnings.	Jan	% m/m		2.6	0.7	-0.2
Mar 10 – 10:00	IT	Industrial Production (wda)Change in the total inflation-adjusted value of output produced by manufacturers, mines, and utilities. It’s a leading indicator of economic health – production reacts quickly to ups and downs in the business cycle, and is correlated with consumer conditions such as employment levels and earnings.	Jan	% y/y		0.1	-3.4	-5.4
Mar 10 – 10:30	GB	Industrial ProductionA measure of the manufacturing output of the energy sector, factories, and mines. Industrial production is significant as a short term indicator of the strength of UK industrial activity. Industry accounts for about a quarter of overall GDP. Because industrial production accounts for most of the volatility in GDP, foreknowledge of trends in manufacturing go a long way in forecasting UK output. High or rising Industrial Production figures suggest increased production and economic expansion, healthy for the Pound. However, uncontrolled levels of production and consumption can spark inflation. In times of inflation the Bank of England may raise interest rates to control growth.	Jan	% m/m		-0.4	0.3	0.5
Mar 10 – 10:30	GB	Industrial ProductionA measure of the manufacturing output of the energy sector, factories, and mines. Industrial production is significant as a short term indicator of the strength of UK industrial activity. Industry accounts for about a quarter of overall GDP. Because industrial production accounts for most of the volatility in GDP, foreknowledge of trends in manufacturing go a long way in forecasting UK output. High or rising Industrial Production figures suggest increased production and economic expansion, healthy for the Pound. However, uncontrolled levels of production and consumption can spark inflation. In times of inflation the Bank of England may raise interest rates to control growth.	Jan	% y/y		-1.5	-0.8	-3.7
Mar 10 – 10:30	GB	Manufacturing Production	Jan	% m/m		-0.9	0.2	0.9
Mar 10 – 10:30	GB	Manufacturing Production	Jan	% y/y		0.2	1.4	-1.9
Mar 10 – 11:00	IT	GDP (F)	Q4	% q/q		-0.3	-0.2	-0.2
Mar 10 – 11:00	IT	GDP (F)	Q4	% y/y		-3	-2.8	-2.8
Mar 10 – 11:00	GB	BoE Executive Director, Financial Stability, Haldane gives remarks on fair-value accounting
Mar 10 – 14:00	IS	Dir. Labour Unemployment	Feb	% y/y				9
Mar 10 – 14:30	EU	ECB Governing Council member Weber gives speech on “Making the Financial System more Resilient – The Role of Capital Requirements”
Mar 10 – 16:00	US	Wholesale InventoriesThe stock of unsold goods held by wholesalers. Wholesalers act as intermediaries between manufacturers or importers, and retailers. Wholesalers sell directly to retailers, who strive to act in accordance (ideally) with consumer demand. Consequently, high Wholesale Inventories indicate that unsold goods are piling up, suggesting that retailers are facing lagging consumer demand and unwilling to purchase goods. Conversely, declining Wholesale Inventories suggest retailers are buying more goods to meet strong or rising demand. Because Wholesale Inventories reflect the demand retailers have for their manufacturers’ wares, the report offers an early indication of the potential strength of consumer spending. Wholesale Inventories are reported in headlines as a percent change from the previous month.	Jan	% m/m			0.2	-0.8
Mar 10 – 16:00	BE	GDP (F)	Q4	%q/q				0.3
Mar 10 – 16:00	BE	GDP (F)	Q4	%y/y				-0.8
Mar 10 – 16:00	GB	NIESR GDP Est.An unofficial estimate of UK GDP that comes out one month before the official release. Calculated using statistical projection techniques, the NIESR estimates are highly respected and can influence monetary policy. The meaning and consequences of the report are very close to those for official GDP numbers. A high rate of growth signals a heightened level of economic activity. Such expansion also raises concerns about inflationary pressure, which may prompt monetary authorities to increase interest rates. Accordingly, high NIESR GDP Estimates are generally bullish for the Pound, while negative readings are bearish.	Feb	% 3m/3m				0.4
Mar 10 – 18:30	EU	ECB Governing Council member Weber gives speech on “The Reform of Financial Supervision and Regulation in Europe”
Mar 10 – 19:00	EU	ECB President Trichet gives opening speech before “The Language of Money” and the “Euro Exhibition”
Mar 10 – 20:00	US	Budget	Feb	$ bn			-220	-42.6
Mar 10 – 20:00	US	US Treasury Secretary Geithner testifieson FY2011 Budget before the House Appropriations Subcommittee on Financial Services
Mar 10 – 21:00	NZ	RBNZ Monetary Policy Statement and Official Cash Rate announcement (09:00 NZST on 11th Mar)
Mar 10 – 22:30	NZ	BNZ-Business NZ PMILevel of a diffusion index based on surveyed manufacturers. It is a survey of manufacturers which asks respondents to rate the relative level of business conditions including employment, production, new orders, prices, supplier deliveries, and inventories. This report is often released earlier than scheduled. Above 50.0 indicates expansion, below indicates contraction.	Feb	index				52
Mar 10 – 22:45	NZ	Food PriceMeasures the price change of food and food services purchased by households. Higher food prices can result in economic slowdown because less disposable income will be used for non-food expenditures. Higher food prices can also result in inflation and signal future monetary action. Higher domestic food prices may also suggest higher food prices internationally. New Zealand ’s economy is largely based on producing and exporting agricultural goods and food products. Therefore, the Food Price Index can reflect demand for New Zealand products and for the New Zealand dollar. A higher reading may suggest a strengthening of the Dollar as foreigners pay relatively more for New Zealand ’s exports. The headline number is the percentage change in the index from the previous month.	Feb	% m/m				2.1
Mar 11 – 00:45	JP	BoJ Board member Suda speaks at the Economist Groups 5th CFO Roundtable disussion
Mar 11 – 00:50	JP	GDP (F)The Gross Domestic Product is a comprehensive measure of a Japan ’s overall production and consumption of goods and services. GDP serves as one of the primary measures of overall economic well-being. GDP announcements generally conform to expectations as the number comes out after most Japanese production figures that lead to overall GDP have already been released. Although releases that are out of line with expectations are rare, unanticipated GDP growth can move markets simply because of its significance as an economic indicator. Robust GDP growth signals a heightened level of economic activity, such activity often benefits trade flows and encourages foreign investment that can lead to higher demand for the Yen. At the same time, economic expansion raises concerns about inflationary pressures which may lead monetary authorities to increase interest rates. Thus better than expected GDP figures are generally bullish for the Yen, while negative readings are generally bearish. Technically, Gross Domestic Product is calculated in the following way: GDP = C + I + G + (EX – IM) where C = private consumption I = private investment G = government expenditure EX = exports of goods and services IM = imports of goods and services Japanese GDP figures are released quarterly as expenditure-based estimates. The headline figures are annualized percentage changes in real and nominal GDP.	Q4	% q/q			1	1
Mar 11 – 00:50	JP	GDP (F)The Gross Domestic Product is a comprehensive measure of a Japan ’s overall production and consumption of goods and services. GDP serves as one of the primary measures of overall economic well-being. GDP announcements generally conform to expectations as the number comes out after most Japanese production figures that lead to overall GDP have already been released. Although releases that are out of line with expectations are rare, unanticipated GDP growth can move markets simply because of its significance as an economic indicator. Robust GDP growth signals a heightened level of economic activity, such activity often benefits trade flows and encourages foreign investment that can lead to higher demand for the Yen. At the same time, economic expansion raises concerns about inflationary pressures which may lead monetary authorities to increase interest rates. Thus better than expected GDP figures are generally bullish for the Yen, while negative readings are generally bearish. Technically, Gross Domestic Product is calculated in the following way: GDP = C + I + G + (EX – IM) where C = private consumption I = private investment G = government expenditure EX = exports of goods and services IM = imports of goods and services Japanese GDP figures are released quarterly as expenditure-based estimates. The headline figures are annualized percentage changes in real and nominal GDP.	Q4	% y/y ann			4	4.6
Mar 11 – 01:00	EU	ECB Governing Council member Mersch presents Bank of Luxembourg Quarterly Report
Mar 11 – 01:15	AU	RBA Governor Bollard appears before Finance and Expenditure Committee to discuss monetary policy statement
Mar 11 – 01:30	AU	EmploymentTracks the number of employed in Australia. The figure appears in the monthly Labour Force Survey conducted by the Australian Bureau of Statistics. A surge in new employment suggests higher spending potential and budding inflation pressures, which the RBA often counters with rate increases. The headline figure is the annualized percentage change in employed workers.	Jan	chg k			15	52.7
Mar 11 – 01:30	AU	UnemploymentThe percent of unemployed persons in the labor force. The Unemployment Rate serves as a leading indicator of the health of the labor market. The report is very timely, coming out just a few weeks after the reporting period. Additionally, the figure has a significant impact on the market because of the overall importance of employment for the economy. Higher unemployment leads to less income for Australian workers who, in turn, may reduce consumption. As consumer spending contributes to a majority of Australia ’s GDP, developments in the labor market directly affect prospects for Australian growth. Note : Unemployed persons are those who have no job but are actively seeking work; the labor force is the total of employed and unemployed persons.	Jan	% rate			5.3	5.3
Mar 11 – 01:30	AU	RBA release Quarterly bulletin
Mar 11 – 08:45	FR	Central Government Balance	Jan	EUR bn
Mar 11 – 09:30	DK	Trade Balance	Jan	DKK bn			5.7	6.2
Mar 11 – 09:30	SE	CPI	Feb	% y/y			1.1	0.6
Mar 11 – 09:30	SE	CPI	Feb	%m/m			0.5	-0.6
Mar 11 – 09:30	SE	CPIF, Underlying	Feb	% y/y			2.5	2.6
Mar 11 – 09:30	SE	CPIF, Underlying	Feb	%m/m			0.4	-0.2
Mar 11 – 09:30	SE	Retail sales (nsa)	Jan	%y/y				5.1
Mar 11 – 09:30	SE	Retail sales (sa)	Jan	%m/m				1.7
Mar 11 – 09:45	FR	Non-farm Payrolls (F)	Q4	% q/q
Mar 11 – 10:00	EU	ECB release Monthly Bulletin
Mar 11 – 10:00	SE	Unemployment AMV (nsa)	Feb	% rate			5.6	5.7
Mar 11 – 10:30	GB	Gfk/NOP Inflation Expectations	Feb
Mar 11 – 14:00	CH	SNB Monetary Policy Assessment
Mar 11 – 14:30	CA	House Price IndexA component of the Consumer Price Index (CPI) that measures changes in prices for new homes. Higher housing prices suggest stronger consumer demand and growth in the housing market. At the same time, higher housing prices that accompany economic expansion often lead to inflationary pressures. The headline number is the percentage change in the index. Note: The New Housing Price Index takes into account the quality and features of the new homes sold. For example, if selling prices for new homes are unchanged, but the features and quality of housing have increased (e.g. added swimming pool and better construction materials), then the price for new homes is considered to have fallen.	Jan	%m/m			0.4	0.4
Mar 11 – 14:30	CA	Merchandise tradeThe difference between imports and exports of goods. Merchandise Trade differentiates itself from Trade Balance because it does not record intangibles like services, only reporting on physical goods. Because exports of tangibles like oil, gold and manufacturing contribute to a large part of Canada ’s GDP, trade data can give critical insight into developments in the economy and into foreign exchange rates. Negative International Merchandise Trade (deficit) indicates that imports of goods are greater than exports. When exports are greater than imports, Canada experiences a trade surplus. Trade surpluses indicate that funds are coming into Canada in exchange for exported goods. Because such exported goods are usually purchased with Canadian dollars, trade surpluses usually reflect currency flowing into Canada, such currency inflows may lead to a natural appreciation of a the Canadian dollar, unless countered by similar capital outflows (Canadian International Securities Transactions tracks such capital flows). At a bare minimum, surpluses will buoy the value of the currency. There are a number of factors that work to diminish the market impact of Canadian Merchandise Trade on markets. The report is not very timely, released about three months after the reporting quarter. Developments in many of the components that comprise the figure are also usually well anticipated. Lastly, since the report reflect data for a specific reporting quarter, any significant changes in the Merchandise Trade should plausibly have been already felt during that quarter and not during the release of data. But because of the overall significance of Trade on Foreign Exchange Rates, the figure has a history of being one of the more important reports out of Canada .	Jan	C$ bn			0.2	-0.2
Mar 11 – 14:30	US	Initial ClaimsThe number of individuals who filed for unemployment insurance for the first time during the past week. This is the nation’s earliest economic data. The market impact fluctuates from week to week – there tends to be more focus on the release when traders need to diagnose recent developments, or when the reading is at extremes.	06-Mar	k			460	469
Mar 11 – 14:30	US	Trade BalanceThe US Trade Balance refers to the difference between exports of goods and services out of the US, and imports to America. The trade balance is one of the biggest components of the US’s Balance of Payment, which gives valuable insight and heavy pressure on the value of the dollar. A positive Trade Balance (surplus) indicates that exports are greater than imports. When imports exceed exports, the US experiences a trade deficit. Because foreign goods are usually purchased using foreign currency, trade deficits usually reflect dollars leaking out of the country. Such currency outflows may lead to a natural depreciation of a dollar, unless countered by comparable capital inflows (US Net Foreign Security Purchases, or TICs data reports on such capital flows). At a bare minimum, deficits fundamentally weigh down the value of the currency. There are a number of factors that work to diminish the market impact of US Trade Balance. The report is not very timely, coming some time after the reporting period. Developments in many of the figure’s components are also typically well anticipated. Lastly, since the report reflects data for a specific reporting month, any significant changes in the Trade Balance should plausibly have already been felt during that month and not during the release of data. However, because of the overall significance of Trade Balance data in forecasting trends in the Forex Market, the release has historically been one of the more important reports out of the US.	Jan	$ bn			-41	-40.2
Mar 11 – 15:30	CA	Capacity UtilisationMeasures the extent to which Canadian manufacturing companies make use of their productive capacity (factories and machinery). Capacity Utilization Rates act as an indicator of overall demand in the economy. High Capacity Utilization Rates reflect that resources are in high demand, and this exerts inflationary pressures. High Capacity Utilization Rates may also lead to new capital investments, such as new plants and equipment that promote growth in the future. The headline figure is reported as the ratio of actual production to potential production. Note: The data is gathered from the Capital and Repairs Expenditure survey. Unlike some of the other surveys done by Statistics Canada , this survey is not mandatory.	Q4	%			70	67.5
Mar 11 – 19:50	CA	BoC Carney gives speech before Carleton University
Mar 11 – 19:50	CA	BoC Governor Carney speaks at Carleton University in Ottawa
Mar 11 – 20:00	US	New York Fed President Dudley gives speech before Society of Business Economists Dinner
Mar 11 – 22:00	NZ	REINZ House Price Index	Feb	% y/y				-1.1
Mar 11 – 22:45	NZ	Retail SalesTracks changes in New Zealand retail sales. As consumption contributes heavily to New Zealand ’s GDP, a rising Retail Sales figure can be indicative of rising demand and subsequent inflation. While s trong economic growth is typically good for the New Zealand economy, uncontrolled growth and rising inflation may lead to instability and corrective action from New Zealand ’s central bank. The headline numbers are the percentage change in Retail Trade from the previous month and the percentage change in Retail Trade from the previous quarter.	Jan	% m/m			0.5
Mar 11 – 22:45	NZ	Retail Sales (Ex-Auto)	Jan	% m/m			0.7	-1.8
Mar 12 – 01:00	WLD	IEA publishes monthly oil market report
Mar 12 – 01:00	PT	Parliament holds final vote on 2010 budget
Mar 12 – 05:30	JP	Capacity UtilisationCapacity utilization measures the extent to which Japanese manufacturing companies make use of their installed productive capacity (factories and machinery). Capacity utilization reflects overall growth and demand in the economy. High capacity utilization usually exerts inflationary pressures as scarce resources are in high demand. However, it may also lead to new capital investments, such as new plants, that promote growth in the future. As a technical note, capacity utilization is referred to as Operating Ratio by the Japanese Ministry of Economy, Trade and Industry, and indexed to the year 2000 with a base value of 100. The headline figure is the percentage change in the index from the previous month or previous year.	Jan	index				1.4
Mar 12 – 05:30	JP	Industrial Production (F)The volume of items produced in Japan ’s mining and manufacturing industries. All products, whether sold domestically or abroad, are included in the calculation of industrial production. Industrial production is highly sensitive to the business cycle and can often predict future changes in employment, earnings, and personal income. For these reasons industrial production is considered a reliable leading indicator that conveys information about the overall health of the Japanese economy. The headline value is the percentage change in the index from the previous month or year.	Jan	% m/m				2.5
Mar 12 – 05:30	JP	Industrial Production (F)The volume of items produced in Japan ’s mining and manufacturing industries. All products, whether sold domestically or abroad, are included in the calculation of industrial production. Industrial production is highly sensitive to the business cycle and can often predict future changes in employment, earnings, and personal income. For these reasons industrial production is considered a reliable leading indicator that conveys information about the overall health of the Japanese economy. The headline value is the percentage change in the index from the previous month or year.	Jan	% y/y				19.8
Mar 12 – 08:00	DE	Wholesale price indexMeasures changes in the prices paid by retailers for finished goods. Growth in wholesale prices usually precedes increases in retail prices, thus changes in Wholesale Prices can be used as an early indicator for inflation. While the CPI records price changes for retail goods, the WPI might pick up inflationary pressures before they reach the headline retail CPI report. The headline number is the percentage change in the index. Note: WPI provides seasonally adjusted price changes to account for goods’ seasonally volatility.	Feb	% m/m			0.3	1.3
Mar 12 – 08:00	DE	Wholesale price indexMeasures changes in the prices paid by retailers for finished goods. Growth in wholesale prices usually precedes increases in retail prices, thus changes in Wholesale Prices can be used as an early indicator for inflation. While the CPI records price changes for retail goods, the WPI might pick up inflationary pressures before they reach the headline retail CPI report. The headline number is the percentage change in the index. Note: WPI provides seasonally adjusted price changes to account for goods’ seasonally volatility.	Feb	% y/y			2.3	1.9
Mar 12 – 09:00	ES	CPI (F)	Feb	% m/m			-0.1	-1
Mar 12 – 09:00	ES	CPI (F)	Feb	% y/y			0.9	1
Mar 12 – 09:00	ES	HICP (F)	Feb	% m/m			-0.1	-1.1
Mar 12 – 09:00	ES	HICP (F)	Feb	% y/y			0.9	0.9
Mar 12 – 11:00	EU	Industrial productionMeasures the volume change of output of the manufacturing and energy sector. The industrial sector contributes to only a quarter of the Euro-zone GDP. However, most variations in GDP come from the industrial sector, whereas other sectors that contribute far more to national output historically have been very consistent regardless of economic cycles. That is why tracking industrial production is very important for forecasting GDP changes. Note: The Industrial Production figure can be adjusted for the number of working days in the given time period and/or seasonally to account for weather related changes in production.	Jan	% m/m			0.7	-1.6
Mar 12 – 11:00	EU	Industrial productionMeasures the volume change of output of the manufacturing and energy sector. The industrial sector contributes to only a quarter of the Euro-zone GDP. However, most variations in GDP come from the industrial sector, whereas other sectors that contribute far more to national output historically have been very consistent regardless of economic cycles. That is why tracking industrial production is very important for forecasting GDP changes. Note: The Industrial Production figure can be adjusted for the number of working days in the given time period and/or seasonally to account for weather related changes in production.	Jan	% y/y			-1.6	-4.8
Mar 12 – 12:00	GB	BoE MPC board member Dale gives speech before Trinity College
Mar 12 – 14:00	CA	Net Change in EmploymentThe net change in the number of people employed in Canada. Increases in employment are generally accompanied by higher consumption and expenditure levels. At the same time, higher employment, consumption and expenditures may lead to heightened inflationary pressures that encourage central banks to tighten monetary policy. If the Bank of Canada were to raise interest rates, it would put upward pressure on the Canadian dollar. Because this is the main employment report in Canada it tends to have significant impact on the market. The headline figure is the change in employment in thousands.	Feb	k			16	43
Mar 12 – 14:00	CA	UnemploymentThe percentage of people in the total – labor force without jobs but willing to work and are actively seeking employment. Lower unemployment bodes well for the economy, translating into more income-earning workers and greater consumption. While such increased expenditure accelerates economic growth, it can also heighten inflationary pressures. On the other hand, a higher unemployment rate tends to lead to lower consumer spending and a contracting economy. The Unemployment Rate is one of the most watch headline indicators of Canada ’s labour market.	Feb	%			8.3	8.3
Mar 12 – 14:30	US	Retail SalesMonthly measure of sales of goods to consumers at retail outlets. The figure is a significant market mover, valuable both for its timeliness and insight into consumer demand and consumer confidence. Consumer spending is vital to the US economy, accounting for more than two-thirds of all economic activity. Given that retail sales make up a hefty one third of such spending, the Advanced Retail Sales figure acts as a measure of consumer demand before GDP is released. The figure has its limits, though. For instance, the timely release of the report comes at the cost of volatility in the figures and significant monthly revisions. It is not unusual for the figure to come out positive one month, only to be subsequently revised as negative. Retail Sales can also be volatile due to seasonality. Additionally, the report has been criticized for excluding service sector sales and failing to adjust for inflation. Despite these drawbacks, the figure still moves the market on release, mainly because of the importance of consumer spending to the US economy. The Retail Sales figure is calculated as the total receipts of retail sales in nominal dollars based on a sample of stores throughout the month – returns, taxes and finance charges are excluded. It appears in the headlines as the annualize percentage change from the previous month.	Feb	% m/m			-0.2	0.5
Mar 12 – 14:30	US	Retail Sales Ex AutosMonthly measure of sales of goods to consumers at retail outlets. The figure is a significant market mover, valuable both for its timeliness and insight into consumer demand and consumer confidence. Consumer spending is vital to the US economy, accounting for more than two-thirds of all economic activity. Given that retail sales make up a hefty one third of such spending, the Advanced Retail Sales figure acts as a measure of consumer demand before GDP is released. The figure has its limits, though. For instance, the timely release of the report comes at the cost of volatility in the figures and significant monthly revisions. It is not unusual for the figure to come out positive one month, only to be subsequently revised as negative. Retail Sales can also be volatile due to seasonality. Additionally, the report has been criticized for excluding service sector sales and failing to adjust for inflation. Despite these drawbacks, the figure still moves the market on release, mainly because of the importance of consumer spending to the US economy. The Retail Sales figure is calculated as the total receipts of retail sales in nominal dollars based on a sample of stores throughout the month – returns, taxes and finance charges are excluded. It appears in the headlines as the annualize percentage change from the previous month. Retail Sales Ex Autos The Retail Sales figure is also reported excluding automobile sales. Given their high cost, auto sales contribute significantly to retails sales, comprising nearly a quarter of the figure. As a result, changes in automobile sales can produce high fluctuations in the retails sales report. Vehicle sales are prone to seasonal changes, thereby easily distorting retail sales trends. To provide a more accurate picture of retail sales the auto component is removed and followed more closely.	Feb	% m/m			0.1	0.6
Mar 12 – 15:55	US	Univ of Mich Sent. (P)Assesses consumer confidence regarding personal finances, business conditions and purchasing power based on hundreds of telephone surveys. Especially valued for its quick turnaround, the University of Michigan Confidence survey is considered one of the foremost indicators of US consumer sentiment. The survey polls a smaller sample of consumers and is less established than the Conference Board Consumer Confidence Index. Declining consumer confidence levels usually accompany any fall income or wages and precede drops in consumer spending. A low or falling U Mich Sentiment value is considered an early indicator of an economic downturn. As a result, investors, retailers and traders alike all watch the figure for insight into the general health of the economy. UMich figures have recently preceded turning in overall GDP. The headline figure is calculated by subtracting the percentage of unfavorable replies from the percentage of favorable replies. U. of Michigan Confidence (Preliminary) Early assessment of consumer sentiment regarding personal finances, business conditions and purchasing power. This preliminary figure incorporates approximately 60% of responses that are included in the final figure, and is revised at the end of the month. The preliminary results are not intended for wide release but are regularly leaked to the press and often available to the financial community.	Mar	index			74	73.6
Mar 12 – 16:00	US	Business inventoriesUnsold goods held by manufacturers, wholesalers and retailers. Business Inventories are often able to show economic turning points. A significant decrease in inventories implies that the economy is on the verge of rapid growth because stockrooms for businesses are empty and need to be replenished, which triggers higher production overall. Inventories are also useful when examined in conjunction with total business sales. Rising inventories paired with slackening business sales are indicative of troubled economic times. When business sales slow, retailers’ inventories increase and they are forced cut back on wholesale orders. Wholesalers, affected by the fear of swelling inventories, will slow or even shut down production in factories. Recent technological advancements allow firms to manage inventories more efficiently, keeping inventory levels lower. Accordingly, declines in inventory stores are often indicative of productivity increases rather than changes in demand. But these logistical advances put particular emphasis on growing inventories. Increases in stocks of goods signal declining demand in America . While the Business Inventories figure is released with the Advanced Retail Sales report, the Advanced Retail Sales report features a lag time of merely two weeks. The Business Inventories’ lag time is three times as long, making it an indicator that follows rather than leads the overall pace of the economy. Market participants tend to focus more on the Advanced Retail Sales figures. The headline number is expressed as a percentage change from the previous month.	Jan	% m/m			0.2	-0.2
Mar 12 – 18:00	US	US Treasury Secretary Geithner gives speech before the Export-Import Bank of U.S. Annual Conference
Mar 12 – 21:45	EU	ECB President Trichet gives keynote address before the Economic Summit of Stanford Institute of Economic Policy Research
Mar 14 – 01:00	US	Eastern Daylight time begins
Mar 14 – 22:30	NZ	BNZ-Business NZ PSI	Feb	index				53.1
Mar 14 – 23:00	AU	RBA Assistant Governor, Financial Systems, Edey gives speech before the Cards and Payments Australia 2010 Conference
Mar 15 – 01:00	GB	BoE release Quarterly Bulletin
Mar 15 – 01:00	EU	Greece submit progress report to EC on implementation of Greek deficit-cutting plan
Mar 15 – 01:00	EU	EU Economic and Financial Affairs Council (15-16th)
Mar 15 – 01:00	JP	Cabinet Office release Economic Report (March)
Mar 15 – 01:01	GB	Rightmove House Prices	Mar	%y/y				6.1
Mar 15 – 01:30	AU	Lending Finanace	Feb	% m/m
Mar 15 – 06:00	JP	Consumer ConfidenceConsumer confidence is a measure of popular sentiment concerning the Japanese economy. The figure is derived from a survey that asks thousands of Japanese consumers about personal expenditure patterns and inflationary expectations. In general, rising consumer confidence precedes increased consumer spending, which drives both economic growth and inflation. Even though t he Japanese economy is heavily driven by its export sector, domestic consumer confidence is an important gauge of overall economic activity and future inflationary pressures. A headline figure above 50 shows positive consumer sentiment, while a number below 50 shows negative consumer sentiment; the greater the distance, the stronger the sentiment.	Feb	index				39.4
Mar 15 – 08:00	FI	CPI	Feb	% y/y				-0.2
Mar 15 – 09:15	CH	Producer & Import pricesTracks inflation in producer and import prices in Switzerland . The headline figure is the percentage change in the index from the previous period. Changes in this index will generally precede changes in the consumer price index, as higher import costs and producer prices tend to eventually be passed to consumers. As with any indicator of inflation, increases in producer and import prices tend to act as an appreciating weight for the Swiss franc because inflationary pressures are almost always met with interest rate increases from the Swiss central bank. The figure represents changes in the combined producer and import price index, calculated from changes in producer prices and import prices, giving appropriate weight to the proportion of domestic and imported goods.	Feb	%m/m				0.3
Mar 15 – 09:15	CH	Producer & Import pricesTracks inflation in producer and import prices in Switzerland . The headline figure is the percentage change in the index from the previous period. Changes in this index will generally precede changes in the consumer price index, as higher import costs and producer prices tend to eventually be passed to consumers. As with any indicator of inflation, increases in producer and import prices tend to act as an appreciating weight for the Swiss franc because inflationary pressures are almost always met with interest rate increases from the Swiss central bank. The figure represents changes in the combined producer and import price index, calculated from changes in producer prices and import prices, giving appropriate weight to the proportion of domestic and imported goods.	Feb	%y/y				-1.3
Mar 15 – 09:30	NL	Trade balance	Jan	EUR bn				2.1
Mar 15 – 10:00	NO	Trade Balance	Feb	NOK bn				34.4
Mar 15 – 13:00	EU	ECB Executive Board member Gonzalez-Paramo gives speech at Caja Inmaculada
Mar 15 – 13:30	CA	Motor Vehicle SalesChange in the number of new cars and trucks sold domestically. It’s a sign of consumer confidence – rising demand for expensive durable goods shows that consumers are confident in their future financial position and feel comfortable spending money.	Jan	% m/m				2.6
Mar 15 – 13:30	US	Empire State SurveySurvey assessing business conditions and expectations of manufacturing executives in New York . Though the survey is relatively new and New York has a considerably small number of manufacturers, the report has shown a promising correlation to the Philadelphia Fed Index and the market moving ISM Manufacturing Survey. Thus Empire serves as a useful earlier indicator of overall manufacturing in the US . Results are calculated as the difference between percentage of positive and negative scores; zero acts as the breakeven point. A high figure is bullish for the dollar, indicating positive business sentiment conducive to growth in production. A low or negative number signals poor business conditions.	Mar	index			22	24.91
Mar 15 – 14:00	US	Treasury International Capital System (TICS)Summarizes the flow of stocks, bonds, and money market funds to and from the United States . The headline figure is the difference in value between American purchases of foreign securities and foreign purchases of American securities, expressed in millions of dollars. The Treasury International Capital or TIC statement is a major component of the American capital account and gives valuable insight into foreign demand for American investments and dollar. A positive figure indicates that more capital is entering the US than leaving as sales of American securities to foreigners exceed American purchases of foreign securities. Such positive figures suggest that American security markets are competitive with those of other countries. Foreign security purchases are especially important in the case of a trade deficit, as a positive figure can offset the depreciating effect of a trade shortfall. On the contrary, a negative or declining TICS figure reflects a declining capital flow picture. Outflows are indicative of weaker demand for US assets which puts downward pressure on the value of the dollar. A key feature of the TIC data is its measurement of the types of investors the dollar has; governments and private investors. Usually, a strong government holding of dollar denominated assets signals growing dollar optimism as it shows that governments are confident in the stability of the U.S. dollar. Most importantly seems to be the purchases of Asian central banks such as that of Japan and China. Waning demand by these two behemoth US Treasury holders could be bearish for the US dollar. As for absolute amount of foreign purchases, the market generally likes to see purchases be much stronger than the funding needs of that same month’s trade deficit. If it is not, it signals that there is not enough dollars coming in to match dollar going out of the country. As a side note, purchases by Caribbean central banks are generally seen to be less consistent since most hedge funds are incorporated in the Caribbean. Hedge funds generally have a much shorter attention span than other investors.	Jan	USDbn				63.3
Mar 15 – 14:15	US	Capacity utilisationCapacity Utilization measures the extent to which U.S. manufacturing companies make use of their installed productive capacity (factories and machinery). Capacity Utilization reflects overall growth and demand in the economy, rising when the economy is vibrant, and falling when demand softens. High capacity utilization also exerts inflationary pressures as scarce resources are in higher demand. However, it may also lead to new capital investments, such as new plants, that promote growth in the future.	Feb	%			72.6	72.6
Mar 15 – 14:15	US	Industrial productionMeasures changes in the volume of output produced by the manufacturing, mining, and utility sectors. Because industrial production is a measure of output volume rather than dollar value, the figure is not distorted by inflation and is considered a more “pure” indicator for US industry. Though industrial production only accounts for a relatively small portion of GDP, it accounts for most of the volatility in GDP and is considered highly sensitive to changes in interest rate and consumer demand. Therefore understanding trends in this figure are important to forecasting GDP. High or rising Industrial Production figures suggest increased production and economic expansion. However, uncontrolled levels of production and consumption can spark inflation. The figure varies significantly month to month due to the fact that seasonal and weather-related factors often alter factory production and utility demand. Because of this volatility, the report has limited market impact. The figure is calculated as a weighted aggregate of goods and reported in headlines as a percent change from previous months.	Feb	% m/m				0.9
Mar 15 – 17:00	EU	EuroGroup FinMin Meeting
Mar 15 – 18:00	US	NAHB Builders surveyA timely gauge of home sales and expectations for future home building. Based on a small sample of home builders, the Housing Market Index is a timely indicator of future US home sales. However, as the index is not as comprehensive as formal housing reports like new home sales or MBA mortgage applications, the index acts more like a supplemental indicator for predicting housing trends. As such, the NAHB Housing Market Index is still able to provide general insight to where the housing market is heading. Given that new home sales reflect ‘big ticket’ items that require construction and investment, the housing market is often viewed as an indicator of the direction of the economy as a whole. Growth in the housing market will spur subsequent spending, generating demand for goods and services and the employees who provide them. The report headline is expressed in percentage change from the previous month.	Mar	index			17	17
Mar 16 – 01:00	JP	BoJ MPC Meeting (16th-17th Mar)
Mar 16 – 01:30	AU	RBA release minutes from prior (Mar 2nd) MPC meeting
Mar 16 – 07:45	CH	SECO Economic Forecasts	Mar
Mar 16 – 08:45	FR	CPIAssesses changes in the cost of living by measuring changes in the prices of consumer items. The CPI is the headline inflation figure that indicates the strength of domestic inflationary pressures. Simply put, inflation reflects a decline in the purchasing power of the Euro in France , where each Euro buys fewer goods and services. CPI is the most popular way to measure changes in purchasing power. The report tracks changes in the price of a basket of goods and services that a typical French household might purchase. An increase in the index indicates that it takes more Euros to purchase this same set of basic consumer items. Because France is a large member of the European monetary union the value of Euro is sensitive to French CPI. If CPI comes out much higher than expected it may encourage the ECB to raise interest rates which would lead the Euro to appreciate. The opposite may occur when the CPI comes out lower than expected.	Feb	% m/m				-0.2
Mar 16 – 08:45	FR	CPIAssesses changes in the cost of living by measuring changes in the prices of consumer items. The CPI is the headline inflation figure that indicates the strength of domestic inflationary pressures. Simply put, inflation reflects a decline in the purchasing power of the Euro in France , where each Euro buys fewer goods and services. CPI is the most popular way to measure changes in purchasing power. The report tracks changes in the price of a basket of goods and services that a typical French household might purchase. An increase in the index indicates that it takes more Euros to purchase this same set of basic consumer items. Because France is a large member of the European monetary union the value of Euro is sensitive to French CPI. If CPI comes out much higher than expected it may encourage the ECB to raise interest rates which would lead the Euro to appreciate. The opposite may occur when the CPI comes out lower than expected.	Feb	% y/y				1.1
Mar 16 – 08:45	FR	HICPAssesses changes in the cost of living by measuring changes in the prices of consumer items. The CPI is the headline inflation figure that indicates the strength of domestic inflationary pressures. Simply put, inflation reflects a decline in the purchasing power of the Euro in France , where each Euro buys fewer goods and services. CPI is the most popular way to measure changes in purchasing power. The report tracks changes in the price of a basket of goods and services that a typical French household might purchase. An increase in the index indicates that it takes more Euros to purchase this same set of basic consumer items. Because France is a large member of the European monetary union the value of Euro is sensitive to French CPI. If CPI comes out much higher than expected it may encourage the ECB to raise interest rates which would lead the Euro to appreciate. The opposite may occur when the CPI comes out lower than expected.	Feb	% m/m				-0.2
Mar 16 – 08:45	FR	HICPAssesses changes in the cost of living by measuring changes in the prices of consumer items. The CPI is the headline inflation figure that indicates the strength of domestic inflationary pressures. Simply put, inflation reflects a decline in the purchasing power of the Euro in France , where each Euro buys fewer goods and services. CPI is the most popular way to measure changes in purchasing power. The report tracks changes in the price of a basket of goods and services that a typical French household might purchase. An increase in the index indicates that it takes more Euros to purchase this same set of basic consumer items. Because France is a large member of the European monetary union the value of Euro is sensitive to French CPI. If CPI comes out much higher than expected it may encourage the ECB to raise interest rates which would lead the Euro to appreciate. The opposite may occur when the CPI comes out lower than expected.	Feb	%y/y				1.2
Mar 16 – 09:00	EU	ECOFIN meeting
Mar 16 – 09:30	NL	Industrial Production	Jan	% m/m			1	-2.2
Mar 16 – 09:30	NL	Industrial Production	Jan	% y/y				0.9
Mar 16 – 09:30	NL	Retail Trade	Jan	% y/y		2		-3.2
Mar 16 – 10:00	AT	CPI	Feb	% m/m				1.2
Mar 16 – 10:00	AT	CPI	Feb	% y/y				-0.3
Mar 16 – 10:00	IT	CPI (F)	Feb	% m/m
Mar 16 – 10:00	IT	CPI (F)	Feb	% y/y				1.2
Mar 16 – 10:00	IT	HICP (F)	Feb	% m/m
Mar 16 – 10:00	IT	HICP (F)	Feb	% y/y				1
Mar 16 – 10:30	GB	DCLG House Prices	Jan	% y/y				2.9
Mar 16 – 11:00	DE	ZEW (Current Conditions)A German Firm, the Center for European Economic Research (ZEW), queries financial experts throughout Europe every month in order to make a medium-term forecast about Germany ’s economic situation. They ask experts to evaluate the current situation and to predict the future direction of the economy. For all components of the survey, responses are restricted to positive, negative, or unchanged. This simple structure allows the survey to be quick and efficient in terms of turnaround time, as well as easy to understand and interpret. German ZEW Current Situation (Economic Situation) Unlike the Economic Sentiment Indicator which looks into the future direction of the economy, the Current Situation Indicator focuses on the results of the survey that relate to the current health of the German economy. Expert opinions on whether the current situation is improved, worsened, or unchanged are summarized as the number of positive responses minus the number of negative responses. A higher headline figure indicates a stronger economy and better business climate.	Mar	Survey				-54.8
Mar 16 – 11:00	DE	ZEW (Economic Sentiment)A German Firm, the Center for European Economic Research (ZEW), queries financial experts throughout Europe every month in order to make a medium-term forecast about Germany ’s economic situation. They ask experts to evaluate the current situation and to predict the future direction of the economy. For all components of the survey, responses are restricted to positive, negative, or unchanged. This simple structure allows the survey to be quick and efficient in terms of turnaround time, as well as easy to understand and interpret. German ZEW Indicator of Economic Sentiment Experts are asked for a qualitative assessment of the direction of inflation, interest rates, exchange rates and the stock market in the next six months. Thus the indicator provides a medium-term forecast for the German economy.	Mar	Survey				45.1
Mar 16 – 11:00	EU	ZEW (Current Conditions)	Mar	Survey				-62.1
Mar 16 – 11:00	EU	ZEW (Economic Sentiment)A German Firm, the Center for European Economic Research (ZEW), queries financial experts throughout Europe every month in order to make a medium-term forecast about Germany ’s economic situation. They ask experts to evaluate the current situation and to predict the future direction of the economy. For all components of the survey, responses are restricted to positive, negative, or unchanged. This simple structure allows the survey to be quick and efficient in terms of turnaround time, as well as easy to understand and interpret. German ZEW Indicator of Economic Sentiment Experts are asked for a qualitative assessment of the direction of inflation, interest rates, exchange rates and the stock market in the next six months. Thus the indicator provides a medium-term forecast for the German economy. German ZEW Current Situation (Economic Situation) Unlike the Economic Sentiment Indicator which looks into the future direction of the economy, the Current Situation Indicator focuses on the results of the survey that relate to the current health of the German economy. Expert opinions on whether the current situation is improved, worsened, or unchanged are summarized as the number of positive responses minus the number of negative responses. A higher headline figure indicates a stronger economy and better business climate. Euro-Zone ZEW Indicator of Economic Sentiment Assesses future economic expectations for the whole Euro-zone. The results are summarized as the number of positive responses minus the number of negative responses. A higher headline figure indicates a positive expectation for Euro-zone economy. Technical Note on Headline Number : The results of the survey are always presented as the difference between those experts that optimistic and those are pessimistic. For instance if 25 percent of analysts expect improvement, 35 percent expect decline, and 40 percent expect no change, the headline figure is -10.	Mar	Survey				40.2
Mar 16 – 11:00	EU	HICP – Core (F)CPI is the key gauge for inflation in the Euro Zone. Inflation, simply put, is a decline in the purchasing power of the Euro, where each Euro buys fewer goods and services due to higher consumer prices. The index tracks changes in the price of a basket of goods and services that a typical household might purchase. When the CPI is high, it indicates that significant inflationary pressures exist in Euro Zone economies. This puts pressure on the European Central Bank to raise interest rates. When CPI comes out lower than expected the ECB is expected to lower interest rates, or keep them lower, to encourage economic growth. As a rule, the Bank adjusts rates in order to keep Europe consumer price inflation in the 0 to 2 percent range. Core CPI – Euro-zone The CPI is also expressed as Core CPI, a similar measure that excludes energy and food in the basket of goods for the reason that items are highly volatile in price and can distort the CPI. Some market participants believe that Core CPI provides a better representation of inflation. The headline figures for the Euro-zone Inflation Index are a monthly and annualized percentage change. Note: The index is expressed in percentage terms with the previous year set as the base measurement year. For example, if the index shows 103% in 2006, the HICP has increased by 3% compare to the base year 2005. The overall Consumer Price Index data for the twelve European Union member countries is referred to as the Harmonized Price Index (HICP). Also, all Euro-zone price indices tends to overstate the actual level of inflation because they do not take into account the consumer’s ability to substitute less costly goods outside of the CPI basket for goods whose prices have risen inside the basket .	Feb	% y/y				0.9
Mar 16 – 11:00	EU	HICP (F)CPI is the key gauge for inflation in the Euro Zone. Inflation, simply put, is a decline in the purchasing power of the Euro, where each Euro buys fewer goods and services due to higher consumer prices. The index tracks changes in the price of a basket of goods and services that a typical household might purchase. When the CPI is high, it indicates that significant inflationary pressures exist in Euro Zone economies. This puts pressure on the European Central Bank to raise interest rates. When CPI comes out lower than expected the ECB is expected to lower interest rates, or keep them lower, to encourage economic growth. As a rule, the Bank adjusts rates in order to keep Europe consumer price inflation in the 0 to 2 percent range. Core CPI – Euro-zone The CPI is also expressed as Core CPI, a similar measure that excludes energy and food in the basket of goods for the reason that items are highly volatile in price and can distort the CPI. Some market participants believe that Core CPI provides a better representation of inflation. The headline figures for the Euro-zone Inflation Index are a monthly and annualized percentage change. Note: The index is expressed in percentage terms with the previous year set as the base measurement year. For example, if the index shows 103% in 2006, the HICP has increased by 3% compare to the base year 2005. The overall Consumer Price Index data for the twelve European Union member countries is referred to as the Harmonized Price Index (HICP). Also, all Euro-zone price indices tends to overstate the actual level of inflation because they do not take into account the consumer’s ability to substitute less costly goods outside of the CPI basket for goods whose prices have risen inside the basket .	Feb	% m/m				-0.8
Mar 16 – 11:00	EU	HICP (F)CPI is the key gauge for inflation in the Euro Zone. Inflation, simply put, is a decline in the purchasing power of the Euro, where each Euro buys fewer goods and services due to higher consumer prices. The index tracks changes in the price of a basket of goods and services that a typical household might purchase. When the CPI is high, it indicates that significant inflationary pressures exist in Euro Zone economies. This puts pressure on the European Central Bank to raise interest rates. When CPI comes out lower than expected the ECB is expected to lower interest rates, or keep them lower, to encourage economic growth. As a rule, the Bank adjusts rates in order to keep Europe consumer price inflation in the 0 to 2 percent range. Core CPI – Euro-zone The CPI is also expressed as Core CPI, a similar measure that excludes energy and food in the basket of goods for the reason that items are highly volatile in price and can distort the CPI. Some market participants believe that Core CPI provides a better representation of inflation. The headline figures for the Euro-zone Inflation Index are a monthly and annualized percentage change. Note: The index is expressed in percentage terms with the previous year set as the base measurement year. For example, if the index shows 103% in 2006, the HICP has increased by 3% compare to the base year 2005. The overall Consumer Price Index data for the twelve European Union member countries is referred to as the Harmonized Price Index (HICP). Also, all Euro-zone price indices tends to overstate the actual level of inflation because they do not take into account the consumer’s ability to substitute less costly goods outside of the CPI basket for goods whose prices have risen inside the basket .	Feb	% y/y				1
Mar 16 – 13:30	CA	Labour ProductivityThe average productivity level of Canadian workers. Labour Productivity is calculated by dividing the gross domestic product (GDP) by the number of hours worked, yielding output per hour, which is the key measure of productivity growth. The availability of better technology and higher levels of education among the workforce are factors commonly attributed to increased productivity. Growth in labour productivity is usually seen as a sign of a healthy economy because higher productivity allows higher output for a fixed population. Rising Labour Productivity can also offset inflationary pressures associated with economic growth and spending. Economic expansion attributed to increased Labour Productivity will not result in inflation, meaning that central banks will not need to increase interest rates during times of high growth. The headline figure is the percentage change in output per hour.	Q4	% q/q				-0.3
Mar 16 – 13:30	CA	Manufacturing sales	Jan	% m/m				1.6
Mar 16 – 13:30	US	Building PermitsThe number of new building projects authorized for construction. Because receiving a Building Permit is the first step in the construction process, the figure is used as the earliest indicator for developments in the housing market. Additionally, because of the high outlays needed for construction projects an increase in Building Permits implies an increase in investment and corporate optimism. Finally, the figure gives insight into consumer activity, since new home purchases are associated with an increase in sales of “big ticket” durable goods. Given such connections to consumer and corporate sentiment, real estate generally leads economic developments – thriving at the start of a boom and waning at the onset of recession . Considering the above, one would expect the Building Permits figure to significantly move markets. After all, Building Permits is a part of the Conference Board’s Leading Indicators index used to forecast US growth. However, the timeliness of the figure comes at a cost. The report is far removed from end market impacts, making it a less market-moving figure.	Feb	k			610	622
Mar 16 – 13:30	US	Housing StartsGauges the change in the number of new houses built in the United States. Housing Starts are one of the earliest indicators of the housing market, only trailing Building Permits in timeliness. Because high outlays are needed to start construction projects, an increase in Housing Starts implies an increase in investment and business optimism. Finally, the Housing Starts figure gives insight into consumer activity, since new home purchases typically require a large investment for consumers. Given such connections to consumer and corporate sentiment, real estate generally leads economic developments. A sharp drop in new home construction is a warning signal of economic slowdown. Conversely, a rebound in the Housing Starts paves the way for economic recovery. Housing Starts data is differentiated by building types (single family houses, 2 to 4 residence units and 5 or more residence units). The single family housing starts is a more reliable economic indicator than multi family housing starts, as single family house building is driven by demand and consumer confidence, whereas multi family house building is more often motivated by speculative real estate investors. The report headline is expressed in volume of houses built. The figures are in the thousands of units.	Feb	k			570	591
Mar 16 – 13:30	US	Import pricesTracks changes in the prices paid for goods imported to the United States. The figure is significant in relation to the trade balance, the difference between the total value of exports and the total value of imports. A positive trade balance (surplus) acts as an appreciating weight on the dollar, reflecting demand for dollars in exchange for exports. Conversely, a negative value (deficit) puts downward pressure on the dollar’s value. Given such impacts, traders assess changes in import prices to gain insight on the trade balance. The Import Price Index becomes useful in determining whether a change in import volume has actually sprung from a higher foreign demand or from a real increase in prices for foreign goods. The US is a net importer nation, where imports a significant part of the nation’s GDP. Accordingly, a major price swing in foreign goods can have significant impact on the US inflation. The headline figure is the percentage change in the index from either the previous month or for the year. Import Price Index Excluding Petroleum gives a better overall assessment to the import price change in the United States since petroleum price is highly volatile.	Feb	% m/m			-0.1	1.4
Mar 16 – 15:45	EU	ECB Executive Board member Stark gives speech on “the post-crisis strategy for growth and jobs”
Mar 16 – 19:15	US	FOMC interest rate announcementThe announcement of whether the Federal Reserve has increased, decreased or maintained the key interest rate. The FOMC meets eight times per year to decide on monetary policy. After each meeting policy decisions are announced. The main task of the FOMC is to set the monetary stance by fixing the overnight borrowing rate, which essentially sets short-term lending rates in the US. Through this mechanism, the FOMC attempts to affect price levels in order to keep inflation within the target range while maintaining stable economic growth and employment. The Federal Reserve’s Cash Rate Target decision significantly influences financial markets. Changes in rates affect interest rates for consumer loans, mortgages, bonds, and the exchange rate of the U.S. Dollar. Increases in rates or even expectations of increases tend to cause the Dollar to appreciate, while rate decreases cause the currency to depreciate. Unlike most central banks, the Federal Reserve does not announce an official target inflation rate, arguing independence and flexibility is necessary to implement monetary policy effectively. The Federal Reserve issues a statement with every rate announcement. Because the decision itself is usually highly anticipated, the wording of the FOMC statement is usually as important if not more important than the actual interest rate move made by the central bank. The FOMC statement contains the Fed’s collective outlook on the economy as well as hints about future monetary policy while the change to interest rates is nothing more than a number. The statement provides clues on plans for the future. When it comes to interest rates, the future direction of rates is usually far more important than its current rate Ramifications for the U.S. Dollar Interest rate hike : The US dollar generally rallies on the back of an interest rate hike because the hike increases the yield offered by US assets. This attracts foreign investment into the US which tends to be positive for the dollar. The strength of the reaction will depend on how much the market has already priced in the decision as well as the whether the FOMC statement hints at more rate hikes to come. Interest rate cut : An interest rate cut tends to be perceived as bearish for the US dollar because the cut reduces the yield offered by US assets. The perception is that the economy has weakened enough that the Federal Reserve is forced to either reduce monetary tightening or increase the stimulus in the market to reignite growth. The strength of the reaction will depend on how much the market has already priced in the decision as well as the whether the FOMC statement hints that more rate cuts are to come. Rates Left Unchanged : The reaction of the US dollar will depend upon whether the Fed is pausing after a prolonged tightening or easing cycle or has been pausing for some time. If it comes after a tightening cycle, it would be perceived as dollar bearish. If it is after an easing cycle, it would be perceived as dollar bullish. If they have been pausing for months already, the reaction would probably be more neutral.
Mar 17 – 00:30	AU	Westpac-MI Leading Index	Jan	% m/m				0.5
Mar 17 – 00:50	JP	METI Tertiary activity indexEvaluates the monthly change in output produced by Japan’s service sector. Japan’s economy is very export based, because this report excludes manufacturing and only measures service industries catering mainly to domestic needs, the Tertiary Industry Index is a key indicator of domestic activity. The index incorporates data from firms involved with wholesale and retail trade, financial services, health care, real estate, leisure, and utilities. The report excludes industrial manufacturing sectors that tend to be influenced by foreign demand. The tertiary industry index is posted monthly as a percentage change from the previous month’s figure.	Jan	% m/m				-0.9

Muchas veces leyendo la prensa oímos la palabra calendario económico y no sabemos exactamente a que se están refiriendo. Puede incluso que aunque sepamos a que se están refiriendo no conozcamos el término en si cuando se refiere a un sector concreto, el mercado de las divisas internacionales, o mercado forex.

En este contexto podemos encontrar muchas veces el término calendario económico ya que es uno de los instrumentos fundamentales para interpretar este mercado a nivel internacional. Se trata de un mercado donde se compran y se venden divisas. Para acceder a este tipo de mercados, o para acceder a su información basta con una conexión a Internet.

A pesar de que no seamos economistas o financieros y ni tampoco profesionales de bolsa (brokers), seguramente estemos interesados en este tipo de mercado para realizar nuestras pequeñas inversiones en divisas, y para ello podremos acudir al mercado internacional de divisas, más conocido como Forex, en el que una de las herramientas fundamentales para manejarse y conocer la información de primera mano que sea relevante para el estado de las divisas es el llamado calendario económico, que se refiere a una especie de calendario como otro cualquiera en el que la característica principal es que informa a los usuarios de la agenda y de la evolución de la mayoría de los más importantes y relevantes indicadores de la economía, así como también se incluyen en el calendario económico otra serie de informaciones como las declaraciones de las personas relevantes en todo el mundo de las fianzas, así como también declaraciones de los gobiernos a escala mundial. Todos estos datos conforman la estructura y la razón de ser del calendario económico, que tiene como especial característica es que se actualiza cada hora con información relevante para sus usuarios.

Al hablar de indicadores económicos estamos hablando de ciertos índices, informes de la capacidad de ahorro y de endeudamiento, resúmenes económicos, etc. Son en definitiva una serie de indicadores acerca de la economía de un país o región determinada, así como de un mercado concreto. Se manejan cifras de especial relevancia para la información económica, como la cifra de paro, el nivel de endeudamiento de un país, la capacidad productiva de ese país, lo que conocemos como el Producto Interior Bruto, la situación financiera de las entidades más relevantes e influyentes a nivel global, los precios de los artículos, el Indice de Precios al Consumo (IPC), las cifras de la inflación, los precios de los bonos del Estado y de las acciones, etc. Estos son algunos de los índices que se incluyen en el calendario economico.