Australian Conference Board Leading Index (APR) (00:00 GMT; 20:00 EST)
Consensus: n/a
Previous: 0.6%

Outlook: The Conference Board's composite gauge of leading indicators for April is likely to reflect the increase in the similarly calculated Westpac version.  Released last week, Westpac's leading index reported a 1.5 points rise in April, a higher rate of growth than the long-term trend. The rise came as positive component numbers, like sales and exports, helped spur optimism in the Australian economy.  Retail sales were strong, showing a 1.4% increase in the face of wage growth that maintained the near-record levels seen in the final quarter of 2005 and an unemployment rate of 5.1%, close to the 29 year low.  An exports sub measure should also perform well for the index.  In April, exports grew 5% to a record A$16.9 billion reflecting demand for material goods from the island country.  Despite these outstanding numbers, some detractors lie in the mix, like the drop in building approvals by 3.4% for the month, which threatens the fragile rebound expected in the housing market.   Looking further ahead, things are still looking good for the index.  An already impressive employment situation was further improved when the jobless rate fell to 4.9%.  Also, the advanced read of the Cashcard retail index proved spending habits become loosened.  On the other hand, the mixture of the turn in the benchmark stock index and a slowdown in housing sector numbers could provide some drag.

Previous:  The Conference Board's leading index rose once again in March, continuing a five month upward trend in the indicator, and capping an increase of 1.7% over the past six months. Unemployment was definitely a contributor to this development, as unemployment fell to a 29 year low of 5%. Consumer confidence showed a 1.3% increase, which, despite being lower than the previous two months, boded well for spending and therefore for the domestic economy. The low consumer confidence took its toll on retail spending, which increased by the lowest rate in four months, by only 0.2%. However, the relatively strong economic data for the month helped the leading indicator, as seven of the index's eight components showed an increase, but the concurrent indicator saw a much smaller increase of 0.2%, indicating that the growth we saw in March could speed up.

Swiss UBS Consumption Indicator (MAY) (08:00 GMT; 04:00 EST)
Consensus: n/a
Previous: 1.62

Outlook: The UBS Consumption Indicator attempts to project annual growth in private consumption when adjusted for inflation.  Riding its economic strength, Swiss consumption has been lingering around multi-year highs, with a relatively mild decline in the pace last month.  Since then overwhelming prices in energy and commodities have experienced some correction, but remain high and continue to deliver a blow to disposable incomes.  Nevertheless the Swiss outlook remains strong; with unemployment declining every month this year and World-Cup spurred demand facilitating an additional boost to production bookings.  Major signs of a drop in consumption are yet to surface as May's consumer price index accelerated more than expected while the trade balance and specifically exports remain strong.  The Swiss CPI is expected to rise at an annual rate again in June, which could potentially put a damper on consumer sentiment that is already questioning the effects of higher lending rates.

Previous:  Swiss spending habits eased from March's revised four-year high of 1.758, according to UBS' measure of the sentiment.  The index printed at 1.62, which is still relatively strong, as UBS blamed the fall on slumping sales in new cars.  This was the second drop in three months, demonstrating the volatility of consumption amid an environment of high-energy prices.  Oil held above 70 dollars per barrel through April and early May.  Whilst higher oil has been serving as an extra tax on consumers and hurting their disposable income, strong growth and employment data in Switzerland keeps fighting.  Despite this decline, Swiss growth for the first quarter came in at an annual rate of 3.5 percent, far better than the expected 3.0 percent.  May's trade balance gave a bigger than expected surplus, which should also trickle down into the domestic economy is it continues to improve.

German IFO Business Climate (JUN) (08:00 GMT; 04:00 EST)
Consensus: 105.0
Previous: 105.6

Outlook: The IFO business climate survey is expected to decline this month for the second read in a row with its steepest drop since November, as it continues to descend from April's 15-year highs. A healthy global economy had helped the IFO survey continue to climb, even as oil prices rose and the ZEW business climate index suffered. However, maintaining a positive outlook has apparently become more difficult lately, as both the IFO business climate survey and the business expectations survey show decreasing optimism in the business world. German firms are being affected as worldwide interest rates rise, which makes lending in Germany more expensive while also tempering demand from trade countries. In addition, despite a huge jump in April, retail sales are expected to have dropped in May.  This would bear down on expectations for domestic performance. Another concern over the month was equity performance.  Seen objectively as a proper evaluation of firm performance, the drop in overall share value is likely to result in shareholders calling out for more reserved spending habits from management. It is hardly surprising, then, that businesses are anticipating difficult times ahead.

Previous: Last month's business climate survey showed a drop of only 0.3, a relatively minor withdrawal from 15-year highs in April. This decline came thanks to manufacturers, who expressed less optimism than they had in April, as western German producers anticipated a slight drop in employee numbers. The drop in the survey numbers were likely due to worries about an impending ECB rate hike, and concerns that April's high oil prices would hamper industrial profits. Indeed, retail sales in May are expected to have dropped by 0.3%, after the previous month showed the largest growth in sales in almost two years, and businesses showed concern that a strong euro may have hurt export numbers. 

US Conference Board Consumer Confidence (JUN) (14:00 GMT; 10:00 EST)
Consensus: 103.9
Previous: 103.2

Outlook: US Consumer Confidence, a household survey used to forecast economic activity in the next six months, is expected to rebound to 103.9 from May's sharp decline.  Economists see more optimism coming from stronger employment data and less volatile gasoline prices for this month's survey.  Consumer confidence will be critical as high interest rates, energy and commodity prices, a volatile stock market and fear over the health of the real estate sector continue to price risk into the dollar and US assets.  Overall economic strength has allowed the labor market to remain strong amid high interest rates.   This weighs on the precarious strength in the housing market, which accounts for much of the net wealth the Average American possesses.  Should it continue to show signs of cooling, consumers will be less apt to take out home equity loans for leisurely spending, thus making for a significant deceleration in growth.  The housing market is clearly slowing down, but data suggest that it is still fighting.  This morning's new home sales rose to 1,234K from last month's 1180K as a decline to 1,145K was expected.

Previous: Consumer confidence in the world's largest economy fell by the most since September as high energy costs and interest rates are sobering consumers on the economic outlook.  May's reading of 103.2 kept the indicator in good territory, however it was quite the fall from April's four-year high of 109.8.  The proportion of consumers who expect their incomes to rise in the next six months fell to the lowest in almost three years, while consumers that claim jobs are hard to find rose to 20.5 percent for a yearly high and those that expect better employment opportunities in the next six months fell to 14.6 percent from 15.4 percent.  This could join the housing market as one of the markers that the rampant economic growth in the US last year will finally be restrained by less than ideal market conditions that have held the globe in its grip since September of last year.

Richard Lee is a Currency Strategist at FXCM.