1. UK CIPS PMI Manufacturing
2. ISM Manufacturing
3. FOMC Rate Decision
4. RBA Rate Decision

UK CIPS PMI Manufacturing (OCT) (09:30 GMT, 04:30 EST)
Consensus: 51.2
Previous: 51.5

Outlook: The leading CIPS manufacturing indicator is forecasted to have fallen for the first month in three in October.   A consensus among economists holds the expected value to have dropped slightly to 51.2 as many of the factors that have been supporting the rise in manufacturing remain.  Expectations for the reserved drop are likely a result of weakening conditions domestically rather than a slowing export market or due to mounting raw material prices.  The situation in the United Kingdom continues to weaken as aggregate growth and consumer spending fail to follow the prevailing trend across the globe of rebounding economies.  Offering the most current evidence of the shoring demand from home comes from the drop in consumer confidence to -8, the lowest level in 30 months.  Other lagging indicators are likely to take their toll on manufacturing managers as they dealt with orders over the month of October.  Directly from consumers, the signs have were less than favorable.  Retail sales on an annual basis fell to their lowest growth level in over five years, eking out 0.7 percent.  The jobless rate has also detracted from consumers spending habits.  Unemployment stayed at its 20 month high 2.8 percent in September.  This softening in domestic demand has further led retailers to drop the prices of their goods to stimulate orders.  Retail price growth slowed to 2.7 percent on an annual basis, which are partially being passed on to manufacturers.  At the same time they are met with demand for lower prices, manufacturers are facing prices 3.3 percent higher in September from a year ago as raw materials continue to drill into companies' revenues.  To effectively offset the deteriorating demand from domestic sources, falling crude oil prices and growing demand from abroad will have to rise at a rate that can keep pace.

Previous: Confidence in the manufacturing sector picked up for the second month in September according to the Chartered Institute of Purchasing and Supply's survey of the sector.   The overall PMI measure rose to a read of 51.5, a large jump from August's 50.1, as businesses met new orders at home and abroad to offset the weight of higher input prices.  A measure of new orders reflected condition in which foreign demand has grown at the fastest rate in over a year with new business coming from all over the globe.  The component measuring new orders rose to 54.1.  Another positive aspect of the rise in the index lied with the decline in seasonally-adjusted backlogs of work. The measure fell to 48.9 from the previous month, which indicates an ability with companies in the sector to cope with the rise in new and existing contracts.  In contrast to the improved sentiment with manufacturing over the period, a growing concern over energy prices, especially oil, continues to plague business leaders.  The seasonally adjusted input prices index rose to 59.3 largely on the back of surging energy prices.  Over the period input costs were rising faster than their output counter part.  Inflation to input prices reached a five-month high as crude oil prices rose to a record price per barrel.

ISM Manufacturing (OCT) (15:00 GMT, 10:00 EST)
Consensus: 57.0
Previous:  59.4

Outlook: U.S. manufacturing activity is expected to have slowed to 57.0 in October.  Despite the slowdown in production, this consensus among economists would be the measures second highest level this year.  This rather upbeat outlook comes from a few factors, namely improving exports, rebuilding efforts following August and September's storm systems and continuing momentum in the depletion of inventories.  Sales of manufactured goods abroad have brightened over the past month as indicators from the U.S.'s largest trade partners start to show signs of rebounding growth, further indicating that economies are benefiting from the softening energy prices that have been holding consumers and producers in its grip.  Restocking inventories has also become a key factor in new orders for manufacturers.  The national measure of inventories has declined for two straight quarters helping to bring float new orders.  Inventories fell at the fastest pace this quarter since the final three months of 2003, reducing stock at a reported annual $16.6 billion pace.  Another contribution to the improving manufacturing picture lies with the rebuilding efforts in the areas affected by Hurricanes Katrina and Rita.  However, fallout from these natural disasters will temper any stronger pace of growth in the sector.  Some factories in the gulf were closed and other were destroyed beyond repair.  The shipping port in the Mississippi delta, one of the largest in the U.S., was also affected by the storm.  And the most obvious detriment to manufacturers has been the level of crude oil prices that has weighed on orders and producers' bills.  The price of oil has fallen significantly from the late-August high set at $70.80 per barrel, but the average price of the volatile liquid over the month has remained above $60 per barrel.  In strength in this indicator can offer one of the first looks into how this sector will likely help the economy going into the final quarter of the year.

Previous: The Institute of Supply Management reported that strong increase in manufacturing activity in the month of September.  In the face of rising costs following the catastrophic after effects of two hurricanes, components have remained strong.  Outlooks for the pace of the manufacturing economy have been polished with expected increased orders with clean-up and reconstruction following the natural disasters and spurred demand for replenishment in stocks following strong sales prior too and after the storms struck.  According to the ISM's report, many of the components of the survey continue to look positive.  New orders expanded to a reading of 63.8 in September, the 29th straight month the index has exceeded the growth indicating 50-read.  Employment and inventory elements also posted expansionary promising results.  The employment index grew for the third month to register 53.1 while inventories amongst manufacturers decline for the sixth month to 49.6. The simultaneous increase in employment and subsequent fall in inventories points to strength in the months ahead.  The depletion in manufacturers is especially important due to the fact that it accompanies the 52nd straight month of customer inventories reading below 50.  With inventories on both sides dropping, the level of manufacturing activity is forced to ramp up to compensate.  The rise in the ISM's read seems contradictory however when compared to other regional reads.  Two of the most important reads, that of New York and Philadelphia fell over the same period, to reads of 15.58 and 2.20 respectively.

FOMC Rate Decision (19:15 GMT, 14:15 EST)
Consensus: 4.0%
Previous:  3.75%

Outlook:  Although economic factors have dipped slightly in comparison to the previous months' data, consensus expectations continue to price in a subsequent twelfth rate hike when policy makers convene.  Still on the docket are inflation concerns as oil prices continue to remain above annualized comparisons and consumption seemed unabated by the increasing tax on disposable income.  However, signs are amassing that may convince policy makers in regards to further rate hikes going into yearend. Reversing previous months' optimistic data, both durable goods and retail sales, reflective of individual and corporate spending, have plunged in the most recent releases.  For the month of September, order for longer lasting goods declined 2.1 percent as retail sales figures dipped in fashion.  Comparatively, however, the ex-auto component of the sales figure rose 1 percent as consumers continued their purchases of smaller items as growth in the quarter rose faster than previously expected, at a 3.8 percent pace.  Ultimately, with a 25 basis point hike priced in to the market this time around, momentum has to be sustained given any further hike considerations.

Previous:  Raising interest rates for the eleventh straight time, the Federal Reserve opted to increase the short term rate by 25 basis points to bring the overall measure to 3.75 percent.  Nearing the highest mark in four years, the rise was prompted by further evidence that inflation remains a concern amid rising notions of expansion in the world's largest economy.  Energy prices have remained relatively lofty, although retracing slightly from the $70.85 high hit on August 30th. Nonetheless, producers finding it increasingly difficult to absorb higher costs have passed it on to the consumer level.  Prices still remain approximately 25 percent higher on the annualized comparison. Additionally, contributing to the widely seen preventive move by policy makers, manufacturing production and output activity have climbed in addition to spurts of higher consumer consumption.  Confirming the latter, retail sales have risen in consecutive months garnering over 1 percent jumps as durable goods orders vaulted 3.8 percent higher in the month of August.  With the effects of both Hurricanes Katrina and Rita deemed a "near term" setback, speculation remains high that further interest rate hikes are on the horizon.

Reserve Bank of Australia Rate Decision (22:30 GMT, 17:30 EST)
Consensus: 5.50%
Previous: 5.50%

Outlook:  Expected to keep rates constant for the eighth consecutive month, Governor McFarlane seemingly has no evidence to think otherwise as inflation has been contained since the last rate decision.  However, going forward, a change in monetary policy may have to change as inflation has seemingly crept up towards the high end of the central bank target.  Currently between 2 to 3 percent, consumer prices on the annualized basis have soared 3 percent higher in the quarter with producer prices vaulting to a 3.4 percent mark.  Attributed to the rise, as common with most of the other industrialized nations, looks to be higher energy costs as commodity prices have also risen relatively in line with crude oil.  These higher prices may ultimately filter through to consumers and further dampen sentiment as confidence remains weak. As a result, going forward, policy makers may have to consider interest rate hikes in the near future, following their Kiwi trade partner.

Previous:  Keeping rates steady at the current 5.5 percent, Reserve Bank of Australia Governor Ian McFarlane opted to leave rates alone for the seventh consecutive month.  With building approvals dipping to the lowest level since 2001, waning exports and two-year low s in consumer confidence, concerns abound that higher rates would further dampen consumer interest.  Additionally, a lofty overnight cash rate would hinder any further corporate investment and spending and effectively raise the cost of money for both sides of the economy.  Business investment soared 6.8 percent in the second quarter helping the overall economy to grow at the fastest pace in 1.5 years.  Additionally, inflationary fears have dissipated as consumer prices, the gauge of inflationary pressure, climbed 2.5 percent in the second quarter. Suggestively tame, the current rate falls within the 2 to 3 percent annualized target of the central bank and remains off the radar of policy officials.

Richard Lee is a Currency Strategist at FXCM.