1. Swiss Unemployment Rate
2. German Trade Balance
3. US Nonfarm Payrolls

Swiss Unemployment Rate (MAR) (08:00 GMT; 04:00 EST) unadjusted s.a.
Consensus: 3.6%  3.5%
Previous:  3.8%  3.5%

Outlook:  The State Secretariat for Economic Affairs is expected to reveal a seconded drop in the unadjusted measure of Swiss unemployment in March to 3.6%, matching the lowest level since January of 2003.  After February's unexpected drop in the seasonally-adjusted measure to a three year, a follow up contraction with the non-adjusted gauge will be an additional feather in the economies growth cap.  Over the month, the few economic indicators that were released helped to improve the hiring positions business managers found themselves in.  First off the roster was the sedentary rise in the KOF's leading economic indicators index for March.  Despite the smallest rise in the read in 10 months, the resulting figure was the highest in five-and-a-half years as expansion continued to shine across the different sectors of the economy.  The other encouraging piece of data was that quantifying manufacturing for the month of March.  According to the release, factory activity accelerated to its fastest pace in nearly six years.  In addition to domestic demand ramping up, continued shipments abroad continued its role as the backbone in the resurgence.  As manufacturers pass their profits onto new hires and existing employees, resultant spending by the consumer class will increase the need for further interest rate tightening.  The SNB last decided to raise rates at its March meeting.

Previous:  The Swiss jobless rate unexpectedly dropped to its lowest percentage of the available labor market in nearly thee years in February.  Hiring trends in the country have steadily improved over the past few quarters amid a thriving economy that has increased revenues at Swiss firms that has filtered down to franc-hungry consumers.  Growth in the $367 billion economy topped a five year high 2.7% catalyzed by rising demand for Swiss-made products from abroad.  Subsequently, manufacturers enjoyed the fastest growth in the sector in nearly two years as they tried to keep up with orders.   In trying to keep capacity constraints outside of their capabilities, managers looked to increase their labor force in addition to machinery and factory space.  Seasonally adjusted, unemployment fell from 3.6% in January to 3.5%.

German Trade Balance (FEB) (06:00 GMT; 02:00 EST)
Consensus: 13.0B
Previous:  12.5B

Outlook: Germany's trade balance is expected to have improved even further to 13.0B euros in February as the country's export-led expansion takes full effect.  Over the past decade, economic growth in Germany has been reliant on export demand.  With unemployment levels still near post-WWII highs, this has remained the case through the New Year.  More recently, however, it has become evident that foreign profits are beginning to fuel growth on the domestic front.  German companies are reinvesting gains from abroad in local facilities.  Eventually, expansion could take on a pace that encourages higher levels of employment as well, which would spark domestic consumption.  This would put Germany in a position for future growth even if global economic expansion begins to stall.  With economists expecting world economic growth to cool slightly next year, it is important that German companies find a way to cope with a decline in foreign demand.  If export growth can be leveraged to promote increased consumption at home, the German economy can avoid a severe blow resulting from a plunge in foreign business. 

Previous: The German trade surplus grew to 12.5B euros in January as export growth continued to outpace gains in imports.  From the same time a year ago, import levels increased by 3%, while exports climbed an outstanding 13%.  Demand for German goods is being led by rapidly expanding Asian economies, namely those of China and India.  Both countries expect economic growth of 8% or greater this year.  As these economies expand, so does their appetite for manufactured goods from abroad.  ThyssenKrupp AG, Saltzgitter AG, and other German steelmakers expect the bulk of demand for their product this year to come from these nations.  Recognizing the potential for rapid growth at the hands of foreign demand, other German corporations are expected to initiate plans of expansion to Asia and Eastern Europe later this year.  As borrowing costs begin to rise across the globe, however, foreign consumption may begin to cool.  To avoid any slowdowns resulting from a drop-off in foreign demand, German companies are beginning to invest more in operations on the domestic front.  

US Nonfarm Payrolls (MAR) (12:30 GMT; 08:30 EST)
Consensus: 190K
Previous:  243K

Outlook:  Service payrolls in the world's largest economy are expected to have grown another 190,000 employees in March, suggesting consumer spending will be able to pick itself up as home equity fades.  Economic growth has become increasingly dependant on job creation and incomes in the stead of home owners being able to access the levels of equity in their residences seen just a year before.   After fourth quarter economic growth slowing to a sluggish 1.6 percent and consumer spending plummeting with it, economists and officials believe the same reads for the opening quarter of 2005 will rebound to 4.7%.  Component data, such as jobless claims and other employment reads compiled into indexes, are also driving expectations.  While initial claims have settled comfortably above 302,000 over the first four weeks of March, continuing claims in the opening week of the same month actually hit a 5-year low 2.45 million people.  Even the United States Treasury Secretary is weighing in with optimistic speculation.  Secretary John Snow, who supposedly has advanced access to employment figures, said in testimony to the House of Representatives that he expected "good numbers" at the announcement.   Snow went on to say that the boost in American's incomes will further improve the economy's gleam by providing more tax revenue for the government, which will help to trim concerning budget deficits.

Previous: The Labor Department reported a greater than expected 243,000 new hires were taken on in February, the most in three months.  However, despite the additional jobs, the jobless rate actually rose to 4.8% of the available rate work force from a four year low 4.7% in January.  Across the economy, the most new positions were filled in the services industry with 198,000 paced by the education, business services and health sectors.  Employment trends in construction and mining had also continued in strength, adding 41,000 and 5,000 jobs respectively.  Manufacturers actually laid off 1,000 employees, the first shedding of their ranks in 5 months.   Jobs and higher incomes have become increasingly more important over the months as savings and asset values dry up.   Incomes in February continued to rise 0.3%, while average wages from the same month a year ago surged to 3.5% - the largest jump since September of 2001.

Richard Lee is a Currency Strategist at FXCM.