Monday, 21 August 2017 

Evaluates the monthly change in overall production by all sectors of the Japanese economy. The index comprises a variety of industries: service, manufacturing, construction and public sectors are included. The index closely follows Japanese GDP and overall growth figures, providing insight into current levels of Japanese economic expansion. The All Industry Activity Index is posted monthly as a percentage change from the previous month's figure.

Market impact tends to be greater when the report reveals a viewpoint that clashes with the ECB's stance. It contains relevant articles, speeches, statistical tables, and provides detailed analysis of current and future economic conditions from the bank's viewpoint.

The value of sales made by Canadian wholesalers. Wholesalers sell to industries and retailers in quantities far larger than most consumers are willing to purchase. Given that growth in Wholesale Trade usually precedes increases in retail trade and consumption, changes in Wholesale Sales can be used as an early indicator for the overall direction of the retail sector, consumption and the economy. The headline figure reports the monthly percentage change in Wholesale Sales, seasonally adjusted to account for variations in demand due to seasonal cycles.

These sectors are farm products, food, beverages, and tobacco products, personal and household goods, automotive products, building materials, machinery and electronic equipment etc.

Change in the level of a composite index based on 7 economic indicators. This index is designed to predict the direction of the economy, but it tends to have a muted impact because most of the indicators used in the calculation are released previously. Combined reading of 7 economic indicators related to money supply, building approvals, profits, exports, inventories, and interest rate spreads.
Time Country Macroeconomic Indices Period Previous Reading Forecast Actual Reading Importance
06:30
All Industries Activity Jun -0.8% m/m 0.5% m/m 0.4% m/m
Low
12:00
Bundesbank Monthly Report Aug
Low
14:30
Wholesale Sales Jun 1.0% m/m 0.6% m/m -0.5% m/m
Medium
16:30
CB Leading Index Jun 110.1; 0.0% m/m 110.6; 0.5% m/m
Low
Tuesday, 22 August 2017 

A country's trade balance reflects the difference between exports and imports of goods and services. The trade balance is one of the biggest components of the Balance of Payment, giving valuable insight into pressures on country's currency.

Surpluses and Deficits
A positive Trade Balance (surplus) indicates that exports are greater than imports. When imports exceed exports, the country experiences a trade deficit. Because foreign goods are usually purchased using foreign currency, trade deficits usually reflect currency leaking out of the country. Such currency outflows may lead to a natural depreciation unless countered by comparable capital inflows (inflows in the form of investments, FDI - where foreigners investing in local equity, bond or real estates markets). At a bare minimum, deficits fundamentally weigh down the value of the currency.

Ramifications of Trade Balance on Markets
There are a number of factors that work to diminish the market impact of Trade Balance upon immediate release. The report is not very timely, coming some time after the reporting period. Developments in many of the figure's components are also typically anticipated well beforehand. Lastly, since the report reflects data for a specific reporting month or quarter, any significant changes in the Trade Balance should plausibly have already been felt during that period - 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 most important reports out of the any country.

In the U.K., the amount of expenditures less the total receipts taken in by the government. Public sector net borrowing is the measure of fiscal surpluses and deficits along with the amount of new debt created. If this number is positive, it means the U.K. is running a fiscal deficit, while a negative number represents a fiscal surplus.

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.

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.

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.

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.

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.

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.

Survey of about 275 German institutional investors and analysts which asks respondents to rate the relative 6-month economic outlook for the Eurozone. It's a leading indicator of economic health - investors and analysts are highly informed by virtue of their job, and changes in their sentiment can be an early signal of future economic activity. Above 0.0 indicates optimism, below indicates pessimism. The ZEW survey is historically focused on the German economy, and Germany tends to lead the Eurozone economy, so this overall Eurozone outlook tends to be overshadowed by the German data released at the same time.

This index characterizes the volume of new orders in the industrial sector. The growth of industrial orders is a sign that the economy expands. Increase in orders leads to higher employment in the industry.
Increase in orders will lead to further growth in manufacturing, and hence lead to growth of the national currency and domestic stock market. In the bond market, this leads to an increase in profitability of government securities. The index is certainly important for the market. Sometimes a strong deviation from the forecast values of the index can cause a strong change of the pound sterling rate. Certainly, the indicator is not able to deploy the prevailing trend.

Gauge for goods sold at retail outlets in the past month. Retail Sales is a leading indicator for the economy. Rising consumer spending fuels economic growth, confirms signals from consumer confidence, and may spark inflationary pressures.

The headline figure is expressed as the percentage change from the same month last year.

Change in the level of a composite index based on 6 economic indicators. This index is designed to predict the direction of the economy, but it tends to have a muted impact because most of the indicators used in the calculation are released previously. Source first released in May 2010. Combined reading of 6 economic indicators related to total loans issued, raw material supplies index, new orders, consumer expectations, export orders, and housing.

A broad measure of the movement of single-family house prices. Apart from serving as an indicator of house price trends, the House Price Index (HPI) provides an analytical tool for estimating changes in the rates of mortgage defaults, prepayments and housing affordability. It is a weighted, repeat-sales index, which means that it measures average price changes in repeat sales or refinancings on the same properties.

Assesses regional manufacturing conditions for the Richmond Fed District. Based on mail-in surveys from a representative sample of manufacturing plants, the Richmond Fed Index seeks to track industrial performance. The report puts particular emphasis on inflationary pressures.

Though the Richmond Fed Manufacturing Survey is valued for its quick turnaround, it is still released after the ISM survey. As a result, the figure is often used to affirm or question the ISM report, and has little impact on markets. The Richmond Fed Manufacturing Survey also asks manufacturing executives to stress price expectations. Some markets participants use this data as an early gauge to CPI and PPI reports released a few days later.

The headline figure is a three-month average, calculated by finding the percentage difference between positive and negative responses for the last three months, using a zero boom/bust centerline.

Note: The survey covers such topics as shipments, order volume, backlog volume, capacity utilization, vendor lead time, employees, average workweek, wages, inventory levels, and capital expenditures. The Fifth District includes the District of Columbia , Maryland , both Carolinas, and most of the Virginias.

Time Country Macroeconomic Indices Period Previous Reading Forecast Actual Reading Importance
08:00
Trade Balance Jul 2.76bln 2.88bln 3.51bln
Low
10:30
Public Sector Net Borrowing Jul 5.7bln; 6.3В 0.0bln; 1.0В -0.8bln; -0.2bln
Medium
11:00
ZEW Current Situation Aug 86.4 85.2 86.7
Medium
11:00
ZEW Economic Sentiment Aug 17.5 14.8 10.0
Medium
11:00
ZEW Economic Sentiment Aug 35.6 34.2 29.3
Medium
12:00
CBI Industrial Order Expectations Aug 10 8 13
Low
14:30
Retail Sales Jun 0.5% m/m; -0.1% m/m 0.2% m/m; 0.0% m/m 0.1% m/m; 0.7% m/m
Medium
15:00
CB Leading Index Jul 170.1; 1.7% m/m 171.6; 0.9% m/m
Low
15:00
House Price Index Jun 0.3% m/m 0.5% m/m 0.1% m/m
Low
16:00
Richmond Fed Manufacturing Index Aug 14 11 14
Low
Wednesday, 23 August 2017 

A monthly gauge of manufacturing activity and future outlook. The CIPS PMI is comparable to the US ISM survey, similarly based on the opinions of executives in manufacturing companies. Purchasing managers are tasked with gauging future demand, and adjusting orders for materials accordingly. The PMI summarizes the opinions of these executives to give a picture of the future of the manufacturing sector. A higher PMI indicates that materials purchases are increasing and that the economic outlook is positive. Alternately, a lower PMI means orders for materials are down and the future outlook is less favorable. By nature, the figure is very sensitive to the business cycle and tends to match growth or decline in the economy as a whole.

The PMI is presented as an index with a value between 1-100.

Mario Draghi is an Italian banker and economist who succeeded Jean-Claude Trichet as President of the European Central Bank on 1 November 2011.

A monthly gauge of manufacturing activity and future outlook. The PMI is based on the opinions of executives in manufacturing companies. Purchasing managers are tasked with gauging future demand and adjusting orders for materials accordingly. The PMI summarizes the opinions of these executives to give a picture of the future of the manufacturing sector. A higher PMI indicates that materials purchases are increasing and that the economic outlook is positive. Alternately, a lower PMI means orders for materials are down and the future outlook is less favorable. By nature, the figure is very sensitive to the business cycle and tends to match growth or decline in the economy as a whole.

The PMI is presented as an index with a value between 1-100.

Gauge for the overall performance of the country's service sector. The Services PMI interviews executives on the status of sales, employment, and their outlook. Because the performance of the country's service sector is extremely consistent over time, services does not impact final GDP figures as much as the more volatile figure on the manufacturing sector. For this reason Services PMI usually causes little market movement. The survey results are quantified and presented as an index on a 1-100 scale. The headline figure is the percentage change in the index.

An index level of 50 denotes no change since the previous month, while a level above 50 signals an increase or improvement, and below 50 indicates a decrease or deterioration.

Gauge for overall performance of the German manufacturing sector. Through asking executives about sales and employment outlook, the survey strives to provide useful information about the business climate that can lead to developments in employment, output and consumption. The PMI survey is based on the result of interviews with business executives. Manufacturing is an important sector in Germany, which is why changes in Manufacturing PMI serve as a good indicator for the overall economic situation in Germany as well as Eurozone. However, despite the timeliness of the report, Manufacturing PMI is not a big market mover.
The survey results are quantified into index where 0 represents long-term manufacturing business conditions. The headline figure is expressed in percentage change.

Gauge for the overall performance of the German service sector. The Services PMI interviews German executives on the status of sales, employment, and their outlook. Because the performance of the German service sector is extremely consistent over time, services does not impact final GDP figures as much as the more volatile figure on the manufacturing sector. For this reason Services PMI usually causes little market movement. The survey results are quantified and presented as an index on a 1-100 scale. The headline figure is the percentage change in the index.
The survey results are quantified into index where 0 represents long-term manufacturing business conditions. The headline figure is expressed in percentage change.

An index level of 50 denotes no change since the previous month, while a level above 50 signals an increase or improvement, and below 50 indicates a decrease or deterioration.
It's a leading indicator of economic health - businesses react quickly to market conditions, and their purchasing managers hold perhaps the most current and relevant insight into the company's view of the economy. Survey of about 3000 purchasing managers 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. There are 2 versions of this report released about a week apart – Flash and Final. The Flash release, which the source first reported in Jun 2007, is the earliest and thus tends to have the most impact.

The Eurozone Services Purchasing Managers Index (PMI) assesses business conditions in the services sector. The figure is based on monthly surveys of executives in Germany, France, Ireland, Italy and Spain. Combined, these countries account for roughly four fifths of total service sector activity in the Eurozone. Since services account for two thirds of total Eurozone GDP, the Services PMI is a significant and timely indicator for the health of the economy. Higher Service PMI levels suggest upward future trends in output and performance of the industry.

The headline figure is reported as an index where 50 reflects the centerline of boom-bust sentiment. A larger divergence from 50 indicates a larger rate of change in business conditions.

The Eurozone Composite Purchasing Managers Index (PMI) assesses business conditions in manufacturing, construction and service sectors. The Eurozone PMI is both a significant and timely indicator of business conditions and the general health of the economy. Close correlation with the business cycle, assessed on the basis of long-term statistical data, allows to use the PMI indicator for prognosis of future GDP volumes. The PMI indices are based on  selected panels of executives in companies who report each month on real events. The subindex of intangibles sector - PMI services - is of more importance because in industrialized countries around 70% of GDP is generated in non-manufacturing sector.

10-y Bond Auction is a leading market demand and profitability indicator. Profit falls compared to the previous auctions generally have a favourable influence on the currency.
Federal Reserve Bank of Dallas President Robert Kaplan. Federal Reserve FOMC members vote on where to set the nation's key interest rates and their public engagements are often used to drop subtle clues regarding future monetary policy.
It's a leading indicator of economic health - businesses react quickly to market conditions, and their purchasing managers hold perhaps the most current and relevant insight into the company's view of the economy. Survey of about 600 purchasing managers 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. There are 2 versions of this report released about a week apart – Flash and Final. The Flash release, which the source first reported in May 2012, is the earliest and thus tends to have the most impact.
The Service PMI release is published monthly by Markit Economics. The data are based on surveys of over 400 executives in private sector service companies. The surveys cover transport and communication, financial intermediaries, business and personal services, computing & IT, hotels and restaurants. An index level of 50 denotes no change since the previous month, while a level above 50 signals an improvement, and below 50 indicates a deterioration. A reading that is stronger than forecast is generally supportive (bullish) for the USD, while a weaker than forecast reading is generally negative (bearish) for the USD.
An index level of 50 denotes no change since the previous month, while a level above 50 signals an increase or improvement, and below 50 indicates a decrease or deterioration.

Consumer confidence is a measure of popular sentiment concerning the Eurozone economy. The figure is derived from a survey that asks thousands of 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 Italian 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.

Records sales of newly constructed residences in the United States. The figure is a timely gauge of housing market conditions counting home sales when initial housing contracts are signed. Because New Home Sales usually trigger a sequence of consumption, they have significant market impact upon release. In addition to the high expenditure of the new home, buyers are likely to spend more money on furnishing customizing and financing their home. Consequently, growth in the housing market spurs more consumption, generating demand for goods, services and the employees who provide them.

Generally, the housing market is tracked by a number of reports that mark different stages of the construction and home sale process. The first stage is Building Permits, which precede Housing Starts, which lead to Construction Spending, MBA Mortgage Applications and, finally, New Home Sales and Existing Home Sales. As the headline housing figure, New Home Sales are believed to control some of the volatility of other data. For instance, Building Permits and Housing Starts are considered more indicative of business confidence and production rather than consumer spending. And while Existing Home Sales figures are more indicative of consumer expenditures, they are lagging indicators with less predictive value. New Home Sales numbers are considered confirmatory of housing trends and still predictive of consumer spending.

New Home Sales is also a good indicator of economic turning points due to its sensitivity to consumer income. Buying a house is always a major expenditure, typically only undertaken when consumers have sufficient savings or are optimistic about future earnings. Historically, when economic conditions slow, New Home Sales are one of the first indicators to reflect the change. By the same token, New Home Sales undergo substantial growth when the economy has emerged from recession and wages have begun to pick up.

The report headline is the total amount of properties sold.

The actual inventories of crude oil, gasoline, and distillate, such as jet fuel, as reported on a weekly basis. The numbers are watched closely by the energy markets, and if the results differ greatly from the expected inventory levels, the market can react strongly. The inventory data can be skewed by holidays and seasonal factors. Weekly data can be unreliable and should be viewed as a part of longer-term trends, so a four-week moving average may be more useful.

Time Country Macroeconomic Indices Period Previous Reading Forecast Actual Reading Importance
02:30
PMI Manufacturing Aug 52.1 52.3
Low
09:00
ECB President Mario Draghi Speaks Aug
High
09:00
Flash Manufacturing PMI Aug 54.9 54.6
Medium
09:00
Flash Services PMI Aug 56.0 55.8
Medium
09:00
Flash Composite PMI Aug 55.6 55.5
Medium
09:30
Flash Manufacturing PMI Aug 58.1 57.8
Medium
09:30
Flash Services PMI Aug 53.1 53.3
Medium
09:30
Flash Composite PMI Aug 54.7 54.7
Medium
10:00
Flash Manufacturing PMI Aug 56.6 56.3
Medium
10:00
Flash Services PMI Aug 55.4 55.4
Medium
10:00
Flash Composite PMI Aug 55.7 55.5
Medium
11:30
10-y Bond Auction Aug 0.49%; 1.5
Low
15:05
FOMC Member Robert Kaplan Speaks Aug
Medium
15:45
Flash Manufacturing PMI Aug 53.3 53.3
Medium
15:45
Flash Services PMI Aug 54.7 54.9
Low
15:45
Flash Composite PMI Aug 54.6
Low
16:00
Consumer Confidence Aug -1.7 -1.8
Low
16:00
New Home Sales Jul 610K; 0.8% m/m 615K; 0.0% m/m
Medium
16:30
Crude Oil Inventories Aug -8945K
Medium
Thursday, 24 August 2017 

A country's trade balance reflects the difference between exports and imports of goods and services. The trade balance is one of the biggest components of the Balance of Payment, giving valuable insight into pressures on country's currency.

Surpluses and Deficits
A positive Trade Balance (surplus) indicates that exports are greater than imports. When imports exceed exports, the country experiences a trade deficit. Because foreign goods are usually purchased using foreign currency, trade deficits usually reflect currency leaking out of the country. Such currency outflows may lead to a natural depreciation unless countered by comparable capital inflows (inflows in the form of investments, FDI - where foreigners investing in local equity, bond or real estates markets). At a bare minimum, deficits fundamentally weigh down the value of the currency.

Ramifications of Trade Balance on Markets
There are a number of factors that work to diminish the market impact of Trade Balance upon immediate release. The report is not very timely, coming some time after the reporting period. Developments in many of the figure's components are also typically anticipated well beforehand. Lastly, since the report reflects data for a specific reporting month or quarter, any significant changes in the Trade Balance should plausibly have already been felt during that period - 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 most important reports out of the any country.

The Gross Domestic Product is a comprehensive measure of an overall production and consumption of goods and services. GDP serves as one of the primary measures of overall economic well-being. While GDP announcements generally conform to expectations, unanticipated changes in this metric can move markets.

Robust GDP growth signals a heightened level of economic activity and often a higher demand for the domestic currency. 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 Euro, 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.

French GDP figures, officially called Quarterly National Accounts, are released quarterly. The headline figures are annualized percentage changes in real and nominal GDP.

Change in the inflation-adjusted value of all goods and services produced by the economy. It's the broadest measure of economic activity and the primary gauge of the economy's health.

The change in capital expenditures made by private firms. Businesses only invest when they are optimistic about future economic growth and expect a profitable return on their investments. Because of this, increased capital expenditures usually reflect a higher level of consumer demand that induces companies to expand their productive capacity. Current Business Investment usually allow for higher GDP in the future. For these reasons Business Investment may lead economic growth.

The headline number is the percentage change in investment from the previous quarter.

The index tracks activity in services sector.

Number of new mortgages approved for home purchase by BBA-represented banks during the previous month. The BBA represents major banks that make up around 60% of total UK mortgage lending.
 

It's a leading indicator of housing market demand – most home purchases are financed with a mortgage, so it provides an excellent gauge of how many qualified buyers are entering the market.

An accurate early indicator of monthly retail sales in the U.K. CBI realized sales was first introduced in 1983 by the Confederation of British Industry (CBI) and is based on the CBI's Distributive Trades Survey (DTS), which covers 20,000 outlets of firms responsible for a large component of the of retail sector.

The indicator shows the number of unemployed people in the USA.

Continuing claims refers to unemployed workers that qualify for benefits under unemployment insurance. In order to be included in continuing claims, the person must have been covered by unemployment insurance and be currently receiving benefits. Data on unemployment claims is published by the Department of Labor on a weekly basis, allowing for frequent updates on the levels of unemployment.

Level of a composite index based on surveyed manufacturers, builders, services and trade-related firms.It's a leading indicator of economic health - businesses react quickly to market conditions, and changes in their sentiment can be an early signal of future economic activity such as spending, hiring, and investment.

Records sales of previously owned homes in the United States . This report provides a fairly accurate assessment of housing market conditions, and because of the sensitivity of the housing market to business cycle twists, it can be an important indicator of overall conditions at times when housing is particularly important to the economy.

While used home sales are not counted in GDP, they do affect the United States economy. Sellers of used homes often use capital gains from property sales on consumption that stimulate the economy. Higher levels of consumer spending may also increase inflationary pressures, even as they help grow the economy.

The existing home sales report is not as timely as other housing indicators like New Home Sales or Building Permits. By the time the Existing Home Sales are recorded, market conditions may have changed.

The headline is the total value of properties sold.

Time Country Macroeconomic Indices Period Previous Reading Forecast Actual Reading Importance
00:45
Trade Balance Jul 242M; -3661M -200M; -3507M
Medium
09:00
GDP 2 quarter 0.9% q/q; 3.1% y/y 0.9% q/q; 3.1% y/y
Low
10:30
Second Estimate GDP 2 quarter 0.3% q/q; 1.7% y/y 0.3% q/q; 1.7% y/y
Medium
10:30
Business Investment 2 quarter 0.6% q/q; 0.7% y/y -0.1%q/q; 0.3% y/y
Medium
10:30
Index of Services Jun 0.4% 3m/3m; 0.2% m/m 0.5% 3m/3m; 0.2% m/m
Low
10:30
BBA Mortgage Approvals Jul 40.2K
Low
10:30
UK Finance Mortgage Approvals Jul 40.2K
Low
12:00
CBI Realized Sales Aug 22 15
Low
14:30
Unemployment Claims Aug 232K 237K
High
14:30
Continuing Claims Aug 1953K 1950K
Medium
15:00
NBB Business Climate Aug -1.5 -1.6
Low
16:00
Existing Home Sales Jul 5.52M; -1.8% m/m 5.57M; 0.9% m/m
Medium
Friday, 25 August 2017 

An indicator of inflation experienced by consumers living in Tokyo, excluding such volatile item as fresh food.

An indicator of inflation experienced by consumers living in Tokyo, excluding such volatile item as fresh food.

Measures the rate of inflation experienced by consumers living in Tokyo on a fixed basket of goods and services. The change is calculated monthly. This reading is important because it measures the inflation in the country’s largest city. Due to the fact that Tokyo is a smaller population to survey than for the national CPI this figure can be released roughly one month before the national figure. Therefore it is a leading inflationary indicator. The volatile item excluded in a separate derivative of this report is fresh food.

National Consumer Price Index (CPI) is the key gauge for inflation in Japan. Simply put, inflation reflects a decline in the purchasing power of the Yen, where each Yen buys fewer goods and services. In terms of measuring inflation, CPI is the most obvious way to quantify changes in purchasing power. The report tracks changes in the price of a basket of goods and services that a typical Japanese household might purchase. An increase in the index indicates that it takes more Yen to purchase this same set of basic consumer items.

Markets will typically pay more attention to "CPI excluding Fresh Food," because it excludes volatile food prices that can distort overall CPI. The headline figure for CPI is the percentage change in the index on a month to month or year to year basis.

As the most important indicator of inflation, CPI figures are closely followed by the Bank of Japan. Rising Consumer Prices may prompt the BoJ to raise interest rates in order to manage inflation and slow economic growth. Higher interest rates make holding the Yen more attractive to foreign investors, and this higher level of demand will place upward pressure on the value of the Yen.

National Consumer Price Index (CPI) is the key gauge for inflation in Japan. Simply put, inflation reflects a decline in the purchasing power of the Yen, where each Yen buys fewer goods and services. In terms of measuring inflation, CPI is the most obvious way to quantify changes in purchasing power. The report tracks changes in the price of a basket of goods and services that a typical Japanese household might purchase. An increase in the index indicates that it takes more Yen to purchase this same set of basic consumer items.

Markets will typically pay more attention to "CPI excluding Fresh Food," because it excludes volatile food prices that can distort overall CPI. The headline figure for CPI is the percentage change in the index on a month to month or year to year basis.

As the most important indicator of inflation, CPI figures are closely followed by the Bank of Japan. Rising Consumer Prices may prompt the BoJ to raise interest rates in order to manage inflation and slow economic growth. Higher interest rates make holding the Yen more attractive to foreign investors, and this higher level of demand will place upward pressure on the value of the Yen.

National Consumer Price Index (CPI) is the key gauge for inflation in Japan. Simply put, inflation reflects a decline in the purchasing power of the Yen, where each Yen buys fewer goods and services. In terms of measuring inflation, CPI is the most obvious way to quantify changes in purchasing power. The report tracks changes in the price of a basket of goods and services that a typical Japanese household might purchase. An increase in the index indicates that it takes more Yen to purchase this same set of basic consumer items.

Markets will typically pay more attention to "CPI excluding Fresh Food," because it excludes volatile food prices that can distort overall CPI. The headline figure for CPI is the percentage change in the index on a month to month or year to year basis.

As the most important indicator of inflation, CPI figures are closely followed by the Bank of Japan. Rising Consumer Prices may prompt the BoJ to raise interest rates in order to manage inflation and slow economic growth. Higher interest rates make holding the Yen more attractive to foreign investors, and this higher level of demand will place upward pressure on the value of the Yen.

Change in the price of services purchased by corporations. It's a leading indicator of consumer inflation - when corporations pay more for services the higher costs are usually passed on to the consumer.

An indicator for broad overall growth in Germany. Robust German GDP growth signals a heightened level of economic activity, and therefore a high demand for currency. Economic expansion also raises concerns about inflationary pressure, which generally prompts monetary authorities to increase interest rates. This means that positive GDP readings are generally bullish for a given currency, while negative readings are bearish.

Due to the untimeliness of this report and because data on GDP components are available beforehand, the actual GDP figure is usually well anticipated. But given its overall significance GDP has the tendency to move the market upon release, acting to confirm or upset economic expectations. Robust GDP growth signals a heightened level of activity that is generally associated with a healthy economy. However economic expansion also raises concerns about inflationary pressures which may lead to monetary policy tightening.

The headline figure for German GDP is an annualized percentage growth rate.

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

Technical note : GDP is the total market value of goods and services produced in Germany within a given period after deducting the cost of goods and services used up in the process of production. Therefore, GDP excludes intermediate goods and services and considers final aggregates only.

One of the country's key business sentiment surveys (Ifo - Information and Forschung Survey). The survey is conducted monthly, querying German firms on the current German business climate as well as their expectations for the next six months. As the largest economy in the Eurozone, Germany is responsible for approximately a quarter of the total Eurozone GDP. Consequently, the German Ifo is a significant economic health indicator for the Eurozone as a whole. Positive readings bode well for the economy, suggesting increased consumer spending and economic growth. Conversely, low Ifo readings may be indicative of economic slowdown.

The index uses 100 as a centerline between positive and negative outlooks; the further the value is from 100 the stronger the sentiment. The survey presents two equally weighted sub-indices: Current Assessment and Business Expectations.

Ifo Expectations
Based on firms' expectations for the next six months, where firms rate the future outlook as better, same, or worse.

One of the country's key business sentiment surveys (IFO - Information and Forschung Survey). The survey is conducted monthly, querying German firms on the current German business climate as well as their expectations for the next six months. As the largest economy in the Euro-zone, Germany is responsible for approximately a quarter of the total Euro-Zone GDP.

Consequently, the German IFO is a significant economic health indicator for the Euro-zone as a whole. Positive readings bode well for the economy, suggesting increased consumer spending and economic growth. Conversely, low IFO readings may be indicative of economic slowdown.

The index uses 100 as a centerline between positive and negative outlooks; the further the value is from 100 the stronger the sentiment. The survey presents two equally weighted sub-indices: Current Assessment and Business Expectations.

IFO Current Assessment
Measures current German business conditions, without considering future expectations.

IFO Expectations
Based on firms' expectations for the next six months, where firms rate the future outlook as better, same, or worse.

The Ifo Business Climate Index is a closely followed leading indicator for economic activity in Germany prepared by the Ifo Institute for Economic Research in Munich. It is based on ca. 7,000 monthly survey responses of firms in manufacturing, construction, wholesaling and retailing. The firms are asked to give their assessments of the current business situation and their expectations for the next six months. They can characterise their situation as "good", "satisfactorily" or "poor" and their business expectations for the next six months as "more favourable", "unchanged" or "more unfavourable". The replies are weighted according to the importance of the industry and aggregated. The balance value of the current business situation is the difference of the percentages of the responses "good" and "poor", the balance value of the expectations is the difference of the percentages of the responses "more favourable" and "more unfavourable". The business climate is a mean of the balances of the business situation and the expectations.

The value of orders placed for relatively long-lasting goods. Durable Goods are expected to last more than three years. Such products often require large investments and usually reflect optimism on the part of the buyer that their expenditure will be worthwhile.

Because orders for goods have large sway over the actual production, this figure serves as an excellent forecast of US output to come. Durable Goods are typically sensitive to economic changes. When consumers become sceptical about economic conditions, sales of durable goods are one of the first to be impacted since consumers can delay purchases of durable items, like cars and televisions, only spending money on necessities in times of economic hardship. Conversely, when consumer confidence is restored, orders for durable goods rebound quickly.

Janet Yellen a leading American economist, served as vice chairman of the Federal Reserve Board of Governors since 2010 until becoming the first woman to become chair of the board in 2014. Some performances Yellen allow quite clearly form a clear picture of the future actions of the Fed. Her speeches are especially important before the next meeting of the FOMC.
The Baker Hughes rig count is an important business barometer for the oil drilling industry. When drilling rigs are active they consume products and services produced by the oil service industry. The active rig count acts as a leading indicator of demand for oil products.

Mario Draghi is an Italian banker and economist who succeeded Jean-Claude Trichet as President of the European Central Bank on 1 November 2011.

Time Country Macroeconomic Indices Period Previous Reading Forecast Actual Reading Importance
01:30
Tokyo CPI ex Fresh Food and Energy Aug -0.1% y/y -0.1% y/y
Low
01:30
Tokyo CPI ex Fresh Food Aug 0.2% y/y 0.3% y/y
Low
01:30
Tokyo CPI Aug 0.1% y/y 0.3% y/y
Low
01:30
National CPI ex fresh food and energy Jul 0.0% y/y 0.1% y/y
Medium
01:30
National CPI ex Fresh Food Jul 0.4% y/y 0.5% y/y
Medium
01:30
National CPI Jul 0.4% y/y 0.4% y/y
High
01:50
Corporate Service Price Index Jul 0.8% y/y 0.8% y/y
Low
08:00
GDP 2 quarter 0.6% q/q; 0.8% y/y 0.6% q/q; 0.8% y/y
Low
10:00
IFO - Expectations Aug 107.3 106.8
Medium
10:00
IFO - Current Assessment Aug 125.4 125.0
Medium
10:00
Ifo Business Climate Aug 116.0 115.7
Medium
14:30
Durable Goods Orders Jul 6.5% m/m; 0.2% m/m -5.7% m/m; 0.4% m/m
High
16:00
Federal Reserve Chairperson Janet Yellen Speaks Aug
High
19:00
Baker Hughes U.S. Rig Count Aug 946
Low
21:00
ECB President Mario Draghi Speaks Aug
High
Saturday, 26 August 2017 
Delinquent Mortgage - is a home loan for which the borrower has failed to make payments as required in the loan documents. If the borrower can't bring the payments on a delinquent mortgage current within a certain time period, the lender may begin foreclosure proceedings. A lender may also offer a borrower a number of options to help prevent foreclosure when a mortgage becomes delinquent.The growth of the index reflects the weakness of the financial situation of households.
Time Country Macroeconomic Indices Period Previous Reading Forecast Actual Reading Importance
16:00
Mortgage Delinquencies 2 quarter 4.71%
Medium

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