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Economic Calendar
The economic calendar is represented in association with Dukascopy

Date (GMT+13) Count. Event For Unit Imp. Act. Cons. Prev.
Aug 02 - 12:30 AU  AU AIG Performance of ManufacturingLevel of a diffusion index based on surveyed manufacturers. The survey of about 200 manufacturers which asks respondents to rate the relative level of business conditions including employment, production, new orders, prices, supplier deliveries, and inventories. Above 50.0 indicates industry expansion, below indicates contraction. Jun index 52.9
Aug 02 - 13:30 AU  AU TD-MI Inflation GaugeA monthly estimate of inflation in the Australian economy. The report replicates the methodology used by the Australian Bureau of Statistics to calculate quarterly CPI, striving to correspond closely with official government numbers. The figure is important because it acts as a timelier indicator of inflation, coming out monthly instead of the quarterly CPI figures. Released one day before interest rate decisions are made, the figure may influence RBA considerations for rate hikes or reductions.

As with any gauge of inflation in Australia , a high value in the figure is bullish for the Australian dollar, since real inflationary pressures are usually met by the Reserve Bank of Australia with bullish rate hikes. The headline figure is the month-over-month or annualized inflation rate.		 Jul % m/m 0.3
Aug 02 - 15:00 NZ  NZ Treasury publishes Monthly Economic Indicators
Aug 02 - 16:00 NZ  NZ ANZ Commodity Price Jul % m/m -1.2
Aug 02 - 20:30 DK  DK Retail Sales Jun % m/m
Aug 02 - 20:30 DK  DK Retail Sales Jun % y/y
Aug 02 - 20:30 DK  DK Retail Sales Jun
Aug 03 - 03:00 US  US Construction SpendingConstruction spending gauges the level of construction activity in the United States . The Construction Spending report looks at both residential and non-residential construction. The construction industry makes a significant contribution to the United States GDP in the form of investment expenditure as well as stimulus of industries related to building. Furthermore, since builders are unlikely to pour money into construction projects unless they feel the economy favors their investment, changes in business sentiment like this are usually quickly seen in construction figures. However, the report has little significance for market participants because of its untimely release. By the time the report is announced other reports, such building permits and building starts have already provided similar information.

The report headline is the percentage change from the previous month.

Technical notes: The construction industry is a major force to the United States economy, even without including non-construction businesses that are tied to building, such as finance, the furnishing industry, appliance industry and other manufacturing. Private Construction activity can be an effective indicator of business confidence.		 Jun % m/m -0.5 -0.2
Aug 03 - 03:00 US  US Help Wanted Index Jul index
Aug 03 - 03:00 US  US ISM Manufacturing Jul index 54.5 56.2
Aug 03 - 03:15 US  US Federal Reserve Chairman Bernanke speaks to the Southern Legislative Conference on the Economy and State Governments
Aug 03 - 07:00 IT  IT Budget Balance Jul Eur bn 4.3
Aug 03 - 09:00 US  US Treasury Secretary Geithners speaks in New York on Finacial Reform
Aug 03 - 14:30 AU  AU Building approvalsThe number of domestic building permits granted for the month. Strong growth in new approvals and permits indicates a growing housing market. Because real estate generally leads economic developments - housing tends to thrive at the start of booms and wane at the onset of recession - the figure can be used with others to forecast future growth in the economy as a whole. For this reason Business Approvals is one of eight components used to construct the Conference Board Leading Index, a widely used index to forecast Australia ’s economic course. A strong housing market also tends to lead consumer spending. The headline number is the seasonally adjusted percentage change in new building approvals from the previous month. Jun % m/m 2 -6.6
Aug 03 - 14:30 AU  AU Retail tradeMeasure of the total sales of goods and services by retail stores in Australia. Retail Sales is an important measure of consumer spending and inflationary pressures in Australia. Steady increases in retail sales apply significant inflationary pressures to consumer prices. With Retail Trade being the foremost indicator for consumer spending, this figure is extremely important in understanding Australia’s economy.

The headline number percentage change in Retail Sales from that of the previous month.		 Jun % m/m 0.4 0.2
Aug 03 - 17:30 AU  AU RBA Interest Rate announcement
Aug 03 - 20:00 ES  ES Unemployment Jul k -83.8
Aug 03 - 21:00 GB  GB Halifax House Prices (3rd-7th) Jul %m/m -0.5 -0.6
Aug 03 - 21:00 GB  GB Halifax House Prices (3rd-7th) Jul % 3mth y/y 6.3
Aug 03 - 21:30 LU  LU Prime Minister Juncker gives press conference
Aug 03 - 22:00 EU  EU PPIMeasures changes in the selling prices of goods and services used by Euro-zone producers. Because producers tend to pass on higher costs to consumers as higher retail prices, the PPI is an early indicator of inflation. A higher PPI, especially when combined with high figures for other measures of inflation, will make the European Central Bank more inclined to raise interest rates. A low or falling PPI is indicative of declining prices, and may suggest an economic slowdown.

The Index headline is expressed as a month over month or annualized percentage change.

Note: The Euro-zone PPI excludes construction industry because it is vulnerable to seasonal price volatility that can distort index results. 		Jun % y/y 3.2 3.1
Aug 03 - 22:00 EU  EU PPIMeasures changes in the selling prices of goods and services used by Euro-zone producers. Because producers tend to pass on higher costs to consumers as higher retail prices, the PPI is an early indicator of inflation. A higher PPI, especially when combined with high figures for other measures of inflation, will make the European Central Bank more inclined to raise interest rates. A low or falling PPI is indicative of declining prices, and may suggest an economic slowdown.

The Index headline is expressed as a month over month or annualized percentage change.

Note: The Euro-zone PPI excludes construction industry because it is vulnerable to seasonal price volatility that can distort index results. 		Jun % m/m 0.4 0.3
Aug 04 - 01:30 US  US Core PCE Price IndexPersonal Consumption Expenditure (PCE).
Comprehensive measure of how much consumers spend each month, counting expenditures on durable goods, consumer products, and services. Personal Consumption is a comprehensive measure of GDP; consequently the figure is watched as an indicator for economic trends. Spending also has direct affect on inflationary pressures.

A healthy Personal Spending figure means that consumers are buying goods and services, fueling the economy and spurring output growth. The report is particularly valued for forecasting inflationary pressures. Taken in excess these high levels of consumption and production may lead to an overall increase in prices. Indeed, the Fed uses a measure of inflation derived from the PCE as their primary gauge of inflation.

On the other hand, persistently low Personal Spending may result in decreasing levels of output and an economic downturn.

Because income is either spent or saved, Personal Spending (when reported as a percent of income rather than the headline percent change) has an inverse relationship to personal saving. Economists watch the growth of Personal Spending in relation to income and saving to determine if consumers are living beyond their means, which would influence levels of borrowing and future consumption.

The PCE figure is released in headlines as a percent change from the previous month.

Core Personal Consumption Expenditure
Volatile items like food and energy can fluctuate widely due to seasonal and non-systemic factors. In order to provide a less erratic picture of Personal Consumption, food and energy items are excluded in the PCE core report.

The headline figure of PCE is expressed in percentage change in spending for the quarter. 		Aug % m/m 0.1
Aug 04 - 01:30 US  US Personal incomeBroad gauge of employee earnings in the US. Personal Income measures the pre-tax income households receive from employment, investments, and transfer payments. As wages and salaries make up the majority of Personal Income, the figure can provide insight on the US employment situation. However, because Personal Income is released after the headline employment figure and earnings figures, its impact on the market is muted. The figure is still useful in gauging the purchasing ability of consumers, though, as rising Personal Income allows for strong consumers spending. Such spending drives output growth and fuels the US economy. Jun % m/m 0.2 0.4
Aug 04 - 01:30 US  US Personal spendingComprehensive measure of how much consumers spend each month, counting expenditures on durable goods, consumer products, and services. Personal Consumption is a comprehensive measure of GDP; consequently the figure is watched as an indicator for economic trends. Spending also has direct affect on inflationary pressures.

A healthy Personal Spending figure means that consumers are buying goods and services, fueling the economy and spurring output growth. The report is particularly valued for forecasting inflationary pressures. Taken in excess these high levels of consumption and production may lead to an overall increase in prices. Indeed, the Fed uses a measure of inflation derived from the PCE as their primary gauge of inflation.

On the other hand, persistently low Personal Spending may result in decreasing levels of output and an economic downturn.

Because income is either spent or saved, Personal Spending (when reported as a percent of income rather than the headline percent change) has an inverse relationship to personal saving. Economists watch the growth of Personal Spending in relation to income and saving to determine if consumers are living beyond their means, which would influence levels of borrowing and future consumption.

The PCE figure is released in headlines as a percent change from the previous month.

Core Personal Consumption Expenditure
Volatile items like food and energy can fluctuate widely due to seasonal and non-systemic factors. In order to provide a less erratic picture of Personal Consumption, food and energy items are excluded in the PCE core report.

The headline figure of PCE is expressed in percentage change in spending for the quarter.

Note: The Personal Consumption Expenditure figure is reported with the Personal Income and Outlays figure. 		Jun index 0.1 0.2
Aug 04 - 01:30 US  US Core PCE Price IndexPersonal Consumption Expenditure (PCE).
Comprehensive measure of how much consumers spend each month, counting expenditures on durable goods, consumer products, and services. Personal Consumption is a comprehensive measure of GDP; consequently the figure is watched as an indicator for economic trends. Spending also has direct affect on inflationary pressures.

A healthy Personal Spending figure means that consumers are buying goods and services, fueling the economy and spurring output growth. The report is particularly valued for forecasting inflationary pressures. Taken in excess these high levels of consumption and production may lead to an overall increase in prices. Indeed, the Fed uses a measure of inflation derived from the PCE as their primary gauge of inflation.

On the other hand, persistently low Personal Spending may result in decreasing levels of output and an economic downturn.

Because income is either spent or saved, Personal Spending (when reported as a percent of income rather than the headline percent change) has an inverse relationship to personal saving. Economists watch the growth of Personal Spending in relation to income and saving to determine if consumers are living beyond their means, which would influence levels of borrowing and future consumption.

The PCE figure is released in headlines as a percent change from the previous month.

Core Personal Consumption Expenditure
Volatile items like food and energy can fluctuate widely due to seasonal and non-systemic factors. In order to provide a less erratic picture of Personal Consumption, food and energy items are excluded in the PCE core report.

The headline figure of PCE is expressed in percentage change in spending for the quarter. 		Jul % m/m 0.2
Aug 04 - 03:00 US  US Pending Home SalesTracks residential housing contract activity of existing single-family homes. The Pending Home Sales report is an advanced read on trends in the US housing market. Housing is typically correlated to the overall state of the economy; particularly indicative of economic turning points. A sharp drop in housing demand typically acts as a warning signal of economic slowdown as buyers are reluctant to purchase houses when interest rates are high, disposable income is low, or consumer confidence is low. Conversely, a rebound in the housing market is often a leading indicator of an economic recovery.

The report headline is expressed in percentage change in pending home sales from previous month.		 Jun % m/m 1.1 -30
Aug 04 - 03:00 US  US Factory ordersDollar volume of new orders, shipments, unfilled orders and inventories as reported by domestic manufacturers. Factor Orders is not a widely watched economic release. The Advance Release on Durable Goods Activity reported one week earlier tends grab more market attention, given that durable goods make up more than half of factory orders.

Factor Orders does provide a comprehensive look at the manufacturing sector. Specifically, the New Orders figure can act as a gauge of demand across industries while Shipments are indicative of supply. The Unfilled Orders and Inventory figures reconcile the balance between New Orders and Shipments; high Shipments are indicative of an excess of demand relative to supply, high Inventories signal an excess of supply over demand.

Figures are reported in billions of dollars and also in percent change from the previous month.

On a Technical Note: The New Orders figure measures the value of orders received by manufacturers for new products from both domestic and foreign sources. The total value of products shipped is calculated in Shipments while Unfilled Orders measures the value of goods backlogged for order but not yet shipped. Lastly, Inventories gauges the amount of unsold goods held by manufacturers .		 Jun % m/m -1.4
Aug 04 - 10:00 US  US Vehicle Sales Jul mn 11.7 11.08
Aug 04 - 12:01 GB  GB KPMG/REC Report on Jobs (F/T placements) July index 60.7
Aug 04 - 12:01 GB  GB BRC Shop price indexA monthly indicator of price changes at the most popular retail outlets in the United Kingdom. The index takes into account five hundred of the most commonly purchased goods and gives insight into consumer-price inflation. Shop Prices differentiate themselves from British CPI by coming out days before the headline inflation figure. Increases in the BRC Shop Price Index are bullish for the Pound, given that the Bank of England usually raises interest rates to control inflation reflected in the BRC. Conversely, a falling BRC Shop Price Index suggests falling price pressures.

BRC appear in the headlines as the monthly percentage change for the BRC Shop Price Index.		 Jul % y/y 1.5
Aug 04 - 12:30 AU  AU AIG Performance of ServicesTracks monthly developments in the Australian services sector, condensing data into an overall boom or bust index. The composite index is based on the surveys for sales, new orders, employment, inventories and deliveries, compiled by American International Group. The AIG Performance of Service Index excludes industrial manufacturing sectors that tend to be volatile and seasonal, giving a clean picture of Australia’s service sector that accounts for a majority of Aussie GDP. The headline number uses a 50 baseline, where above 50 signifies growth, while a number below 50 shows a contraction in the services sector. Jun index
Aug 04 - 13:00 GB  GB BoE MPC meeting (4th-5th August)
Aug 04 - 13:00 NZ  NZ FinMin English gives speech at the International CEO Forum
Aug 04 - 13:30 AU  AU House Price IndexTracks changes in housing prices in Australia’s eight provincial capital cities: Sydney, Melbourne, Brisbane, Adelaide, Perth, Hobart, Darwin, and Canberra. The headline number is the weighted average percentage change from the previous quarter. Like any price index, the housing price indexes measure inflationary pressures, in this case specifically from the housing sector. The headline number is the quarterly percentage change in the index. Apr % q/q 2 4.8
Aug 04 - 14:30 AU  AU House Price IndexTracks changes in housing prices in Australia’s eight provincial capital cities: Sydney, Melbourne, Brisbane, Adelaide, Perth, Hobart, Darwin, and Canberra. The headline number is the weighted average percentage change from the previous quarter. Like any price index, the housing price indexes measure inflationary pressures, in this case specifically from the housing sector. The headline number is the quarterly percentage change in the index. Q2 % q/q 4.8
Aug 04 - 20:00 US  US Federal Reserve Bank of Minneapolis President Heathcote speaks at Bank of Finland seminar.
Aug 05 - 01:15 US  US ADP Employment Survey Jul k 35 13
Aug 05 - 03:00 US  US ISM Non-ManISM Non-Manufacturing gauge of business conditions in non-manufacturing industries, based on measures of employment trends, prices and new orders. Though non-manufacturing sectors make up the majority of the economy, the ISM Non-Manufacturing has less market impact because non-manufacturing data tends to be more cyclical and predictable. However, these sectors do account for a considerable portion of CPI. As a result, the figure gives insight into conditions which can impact output growth and inflationary pressures.

The ISM Non-Manufacturing Index is based on a sample survey of purchasing and supply executives, weighted according to industry contribution to GDP. The Index is calculated using 50% as the centerline between positive and negative expectations; the figure is reported in headlines as the percent change.

Note: There are 10 separate indexes reported, but Business Activity is considered the most important. The other nine indexes are: New Orders, Supplier Deliveries, Employment, Inventories, Prices, Backlog of Orders, New Export Orders, Imports, and Inventory Sentiment.		 Jul index 53.3 53.8
Aug 05 - 12:30 AU  AU AIG Performance of ServicesTracks monthly developments in the Australian services sector, condensing data into an overall boom or bust index. The composite index is based on the surveys for sales, new orders, employment, inventories and deliveries, compiled by American International Group. The AIG Performance of Service Index excludes industrial manufacturing sectors that tend to be volatile and seasonal, giving a clean picture of Australia’s service sector that accounts for a majority of Aussie GDP. The headline number uses a 50 baseline, where above 50 signifies growth, while a number below 50 shows a contraction in the services sector. Jul index 48.8
Aug 05 - 13:00 GB  GB BoE MPC interest rate announcement
Aug 05 - 13:00 NZ  NZ FinMin English gives speech at a conference inMelbourne
Aug 05 - 20:00 ES  ES Industrial production (wda) Jun % y/y 3.3
Aug 05 - 20:30 NL  NL CPI Jul % m/m -0.5
Aug 05 - 20:30 NL  NL CPI Jul % y/y 0.8
Aug 06 - 00:45 EU  EU ECB interest rate announcement
Aug 06 - 01:30 US  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. 31-Jul k 457 457
Aug 06 - 01:30 EU  EU ECB press conference following interest rate announcement
Aug 06 - 12:30 AU  AU AIG Performance of Construction Jul index 46.4
Aug 06 - 13:00 EU  EU ECB President Trichet gives speech to the European Youth Parliament General Assembly
Aug 06 - 14:30 AU  AU RBA Monetary Policy Statement
Aug 06 - 18:00 JP  JP Leading indicator (Prelim) Jun index 98.7 98.6
Aug 06 - 20:30 SE  SE Budget Balance Jul SEK bn -23.8
Aug 06 - 20:30 NL  NL Industrial Production Jun % m/m -1
Aug 06 - 20:30 NL  NL Industrial Production Jun % y/y 7.2
Aug 06 - 21:30 GB  GB Input Prices (unadj)A monthly survey that measures change in input prices as incurred by UK manufacturers. Input prices include the cost of materials used plus operation costs of running the business. The index can be used as a measure of inflation, given that higher input costs will likely be passed on from producers to consumers in the form of higher retail prices. Th e figure is also calculated as Core Input PPI, which excludes volatile inputs such as food and energy that may distort the data. As such, the core figure is a more appropriate measure of inflation.

The headline is the percentage change in the Producer Price Index (Input) from the previous quarter and previous year		 Jul % m/m -0.5 -0.2
Aug 06 - 21:30 GB  GB Input Prices (unadj)A monthly survey that measures change in input prices as incurred by UK manufacturers. Input prices include the cost of materials used plus operation costs of running the business. The index can be used as a measure of inflation, given that higher input costs will likely be passed on from producers to consumers in the form of higher retail prices. Th e figure is also calculated as Core Input PPI, which excludes volatile inputs such as food and energy that may distort the data. As such, the core figure is a more appropriate measure of inflation.

The headline is the percentage change in the Producer Price Index (Input) from the previous quarter and previous year		 Jul % y/y 11.4 10.7
Aug 06 - 21:30 GB  GB Output Prices (unadj)A monthly survey that measures the price changes of goods produced by UK manufacturers. The figure is also known as “Factory Gate Price” because it usually matches the price of goods when they first leave the factory. Increased prices in manufacturing typically lead to higher retail prices for consumers. However, it is also likely that higher output prices are caused by manufacturers charging a higher premium due to higher demand for their goods. Consequently, market trends in consumption should be considered with Output PPI to avoid data misinterpretation.

There is also a Core Output PPI, which excludes volatile items such as food and energy. The Core PPI is generally a better measure of inflation because it excludes those items whose short-term price fluctuations can distort inflationary data.

The headline is the percentage change in the Producer Price Index (Output) from the previous quarter and previous year.		 Jul % m/m 0.1 -0.3
Aug 06 - 21:30 GB  GB Output Prices (unadj)A monthly survey that measures the price changes of goods produced by UK manufacturers. The figure is also known as “Factory Gate Price” because it usually matches the price of goods when they first leave the factory. Increased prices in manufacturing typically lead to higher retail prices for consumers. However, it is also likely that higher output prices are caused by manufacturers charging a higher premium due to higher demand for their goods. Consequently, market trends in consumption should be considered with Output PPI to avoid data misinterpretation.

There is also a Core Output PPI, which excludes volatile items such as food and energy. The Core PPI is generally a better measure of inflation because it excludes those items whose short-term price fluctuations can distort inflationary data.

The headline is the percentage change in the Producer Price Index (Output) from the previous quarter and previous year.		 Jul % y/y 4.9 5.1
Aug 06 - 21:30 GB  GB Output Prices Core (unadj)A monthly survey that measures the price changes of goods produced by UK manufacturers. The figure is also known as “Factory Gate Price” because it usually matches the price of goods when they first leave the factory. Increased prices in manufacturing typically lead to higher retail prices for consumers. However, it is also likely that higher output prices are caused by manufacturers charging a higher premium due to higher demand for their goods. Consequently, market trends in consumption should be considered with Output PPI to avoid data misinterpretation.

There is also a Core Output PPI, which excludes volatile items such as food and energy. The Core PPI is generally a better measure of inflation because it excludes those items whose short-term price fluctuations can distort inflationary data.

The headline is the percentage change in the Producer Price Index (Output) from the previous quarter and previous year.		 Jul % m/m 0.1 -0.3
Aug 07 - 01:30 US  US Hourly EarningsAn indicator of how the average level of pay is changing. The Average Hourly Earnings figure provides insight into future spending and inflation. A High Average Hourly Earnings bodes well for future consumption, as workers have more disposable income. High figures may indicate inflationary pressures due to employee’s additional potential to spend. The figure is either measured in hourly or weekly averages or as a percent change from the previous month. Jul % m/m 0.1 -0.1
Aug 07 - 01:30 US  US Non-farm PayrollsMonthly change in employment excluding the farming sector. Non-farm payrolls is the most closely watched indicator in the Employment Situation, considered the most comprehensive measure of job creation in the US. Such a distinction makes the NFP figure highly significant, given the importance of labor to the US economy. Specifically, political pressures come into play, as the Fed is responsible for keeping employment in a healthy range and utilizes interest rate changes to do so. A surge in new Non-farm Payrolls suggests rising employment and potential inflation pressures, which the Fed often counters with rate increases. On the other hand, a consistent decline in Non-farm Employment suggests a slowing economy, which makes a decline in rates more likely. Jul k -73 -125
Aug 07 - 01:30 US  US Unemployment RateThe percentage of people registered as unemployed in the United States. The figure is calculated by dividing the number of unemployed individuals in the labor force by the total labor force. Where the headline figure Change in Non-Farm Payrolls generally moves the market upon release, the Unemployment Rate serves as the most popular snap-shot figure for current labor conditions in the US.

The unemployment figure can give insight into the economy’s production, consumption, earnings, and consumer sentiment. A lower unemployment rate equates to increased expenditure, as more people have jobs and wages to spend. Increased expenditure encourages economic growth, which can spark inflation pressures. Conversely, high levels of unemployment signal economic instability and weakened demand.

Persons are considered unemployed if they are able and willing to work but without a job and have actively sought employment within the last four weeks. The labor force includes all employed and unemployed individuals 16 years and older. 		Jul % 9.6 9.5
Aug 07 - 02:00 US  US Federal Reserve Board of Governors hold a public hearing on procedures for assessing a financial institution’s performance
Aug 07 - 08:00 US  US Consumer Credit Jun $ bn -6 -9.1
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