1. Swiss Gross Domestic Product
2. French Industrial Production
3. French Manufacturing Production
4. U.S. Import Price Index

Swiss Gross Domestic Product (QoQ) (2Q) (5:45 GMT, 1:45 EDT)
Consensus: 0.1%
Previous: 0.0%

Outlook: Economists are expecting Switzerland to have experienced the first quarter of growth in the second quarter in nine months. Unlike its close neighbors on the mainland of Europe which have had much to gain from the euro's fall in value against the dollar, the Swiss economy did not enjoy this advantage since its main trading partners are European countries and not the US. In fact, the weakness in the Euro region was one of the reasons that the Swiss government lowered their growth projections for the year to 0.9% from the previously forecast 1.5%. At this rate, the economy would still have to see a substantial pickup in the rest of the year to meet this figure. The Swiss trade surplus has done its part by growing in the second quarter on increased demand for chemicals, pharmaceuticals, and watches. However, the economy still struggles with less-than-spectacular domestic spending, which has remained under pressure from rising energy costs. The good news is that, with the unemployment rate falling to 3.5%, a 30 month low, from the 4.1% seen just five months ago, household spending may start picking up soon.

Previous: In the first quarter, the Swiss economy stagnated and didn't produce any output growth at all while economists had been expecting a 0.3% quarterly increase. This comes after the economy actually contracted in the fourth quarter of 2004 by 0.1%. Although the household consumption growth rate remained unchanged at 0.2% for the fourth quarter in a row, the government gave the economy a little boost this time with a 0.7% increase in public consumption. This brought final consumption growth up to 0.3% from 0.2% in the previous quarter. On a slightly negative note, business investment is still declining although at a slower rate of -0.2% rather than the -0.8% seen in the fourth quarter. Companies were very reluctant to spend in the current climate of rising oil costs and this has also prevented hiring as shown by the unemployment rate which reached an eleven-month high of 4.1% in the first quarter, which is probably what prevented household consumption growth from accelerating. Overall, the economy still appears to be on very shaky ground even though the lack of a contraction prevented an approach towards recessionary conditions.

French Industrial Production (JUL) (6:45 GMT, 2:45 EDT)
Consensus: 0.3%
Previous: 0.3%

French Manufacturing Production (JUL) (6:45 GMT, 2:45 EDT)
Consensus: 0.4%
Previous: 0.3%

Outlook: For July's French production results release, the median economists' estimate is for a 0.4% gain in manufacturing which will still leave total industrial output with a 0.3% gain, the same seen in June. The big positive surprise delivered by German industrial production does bode well for France as well since the two countries have strong economic ties. Additionally, June's growth came at a time when the production component of Insee's business confidence index was at a 21 month low of -26 and in July, the number rose to -25. Also, the CDAF/Reuters manufacturing PMI component index for output also rose in July from 51.9 to 53.5, signaling acceleration in production growth. Even if tomorrow's number disappoints, the recent improvement in the labor market, if sustained, could eventually lead to higher consumer confidence and spending. Until then, exports will have to continue picking up the slack left over by the weaker domestic demand. However, if the euro keeps rising against the dollar, the situation could get murky as French products lose their price competitiveness in the global market.

Previous: In June, French industrial production posted a second consecutive monthly gain of 0.3% after May's rise of 0.1%. This is compared to the expected increase of 0.4%. Manufacturing posted a congruent gain of 0.3% in the month. This time, consumer spending trumped capital spending with output of consumer goods up 0.6% while capital goods posted a smaller gain of 0.1%. Like the production recovery seen in other countries which share the euro currency, a good deal of the recent rises can be attributed to a price effect stemming from the fall in the value of the euro seen in the first half of this year. However, demand has also increased as the growing Asian and US economies have created an income effect which led consumers to want to buy more even if European goods had not become relatively cheaper.

US Import Index (Aug) (12:30 GMT, 8:30EDT)
Consensus: 1.1%
Previous: 1.1%

Outlook: The U.S. import price index looks to repeat its performance of last month, rising 1.1 percent in the monthly comparison.  Once again, based on higher valuations in crude oil, August saw future prices hit all time highs at multiple dates, ultimately settling on a $70.85 a barrel price on August 30th.  As a result, with prices remaining lofty and consumption unabated, experts are looking for a definitive repeat if not a higher figure to be printed tomorrow morning.  On an annual comparison, the figure looks to remain at a lofty 7.7 percent for the year, sparking further speculation of interest rate increases when the Federal Reserve meets later this month.  Contributing to the notion were statements by Federal Reserve Bank President Moskow, warning that price increases required an "appropriate" Fed response.

Previous: Prices of imported goods rose the most in four months as higher crude oil and energy prices paced increases on record climbs in commodity valuations in the month of July.  The import index was expected to rise 0.6 percent after a 1 percent gain in June.  Excluding petroleum prices, however, the import index fell for the third consecutive time, slipping 0.1 percent for the month after a decline of 0.2 percent in the previous month.  As a result, with the U.S. economy importing 64 percent of overall crude consumption, costs look to rise once again at the producer level.  Ultimately disseminating on the consumer picture, further evidence exists for rising consideration of another interest rate hike come September when policy makers next convene.

Richard Lee is a Currency Strategist at FXCM.