Australian Current Account (2Q) (01:30 GMT; 21:30 EST)
Consensus:            -A$13.800B
Previous:                -A$13.999B 

Outlook: The second quarter current account deficit data out of Australia is expected to contract slightly to a A$13.8 billion deficit as foreign demand for raw materials should outpace local consumersâ�,��"� appetite for foreign-made goods. Holding at over 4 percent of GDP, Australiaâ�,��"�s current account deficit reflects a flat export market which could spell trouble for growth over the three months ending June as imports, coincidentally, have also risen due to higher trending oil prices.  Some economists predict this may strip close to 0.3 percent from growth. From exports, contributions from the solid finish to the dairy season and sustained demand for industrial and precious metals like gold and copper could help to offset the foreign import bill.  From the capital account, foreign investment in Australian assets could offer a sound boost to the overall trade account.  With a overnight lending rate among the highest in the industrialized world and a strong economy, the lack of risk and yield were an attractive choice over the quarter. 

Previous: Australiaâ�,��"�s current account deficit narrowed to a A$13.9 billion deficit in the first three months of the year helped by a A$810 million contraction in the net income deficit and a equally impressive A$500 million drop in the goods and services trade shortfall. In volume terms, exports rose 0.5 percent over the period, while imports rose 0.4 percent, suggesting the commodity values wasnâ�,��"�t the sole driver behind the improvement.  However, the trade of raw materials mined and refined in Australia played a significant part in the change.  Both copper and gold prices, two major Australian exports, soared towards quarter century highs through the opening quarter of the year.  Preventing an improvement that was too impressive, imported crude oil prices were floating near its record high, effectively cutting into export revenues.

Swiss SVME Purchasing Managers Index (AUG) (07:30 GMT; 03:30 EST)
Consensus:               64.5 
Previous:                  65.1 

Outlook: The Swiss Purchasing Manufacturing Index is expected to ease to 64.5 in August from a surprising rise to 65.1 in July. The anticipated drop should represent more of a correction from Julyâ�,��"�s booming number, which sported the fastest rise in the PMI in over 6 years, rather than a serious fundamental decrease in the manufacturing sector. Holding above the key 50.0 mark since January of this year, the SVME PMI reflects the strong export demand from its close neighbors, especially Germany, whose is Switzerlandâ�,��"�s largest trading partner.  Recent growth numbers in German, and the broader region, printed 5 year highs, revealing the healthy demand held out by consumers and businesses in the area.  However, a note of caution does lie in a few recent confidence indicators from the area, which plummeted as investors fear the pain of an impending tax hike and potential of a moderating global economy could slow asset and activity markedly.

Previous: Swiss July PMI unexpectedly rose to 65.1 from 64.0 in June to beat market expectations of a drop to 63.8 as the industrial sector firmed on growing demand for Swiss exports. Julyâ�,��"�s strong numbers suggest that the industry is still growing even after showing a robust 3.5 percent pace, which was the fastest in over 6 years, as foreign nations continued to demand Swiss goods. The KOF leading indicator also showed high readings, and the combination of the two indicators provided strong signs of continued domestic growth.  This combo would strongly suggest that the SNB has the scope to continue on its policy of higher rate rates at its two final meetings this year.

UK Manufacturing Survey (AUG) (08:30 GMT; 04:30 EST)
Consensus:              53.7 
Previous:                  53.8 

Outlook: Factory activity in the UK is expected to hold to growth trends in August as a drop in crude prices lifted a burden off of production levels that are trying to catch up to growing demand both domestically and from abroad.  Over the month of August, one of the biggest factors playing into factory activity was undoubtedly the steady decline in crude oil prices.  The price per barrel of crude fell over 11 percent from the record high $78.40 per barrel marked on the NYMEX in July.  However, one major liability competing with an advance in activity was the Bank of Englandâ�,��"�s unexpected decision to raise interest rates at its early August meeting.  The tug-o-war these two indicators will put on factory health may be clearer given the improvement in the recent CBI industrial trends report for the same month.  The indicator jumped to a 20-month high in August as orders for capital goods like aircraft and industrial machinery complemented a modest rise in orders for consumer goods.  Furthermore, expectations for growth in future orders held net positive at 11 percent. This will likely come from its neighbor and key trade partner economy, the Euro-Zone where growth just reported in at 5-year highs.

Previous: July Manufacturing PMI fell more than the market expected to 53.8 as follow through from Juneâ�,��"�s strong upswing proved uninspiring. Julyâ�,��"�s data evidences the fact that new orders dramatically fell, while export orders improved, indicating that domestic demand may have diminished in the period as prices continue to rise. Manufacturing Production gained only 0.1 percent against expectations of a 0.3 percent rise, displaying further the recent softness in UK manufacturing as was also indicated in the second quarter GDP report last month. Although recent data continues to support a subdued manufacturing sector, recent surveys have been positive and as such, a bounce in the segment could be expected in the near-term.

US Change In Nonfarm Payrolls (AUG) (12:30 GMT; 08:30 EST)
                            (Change)    (Jobless Rate)
Consensus:           120,000               4.7%
Previous:               113,000               4.8%

Outlook: US firms are expected to have added another 120,000 hires to payrolls in August, which would keep the trend of net positive growth running strong for the thirty-sixth consecutive month.  Offering the best fundamental evidence for the expected tame number are the multiple growth indicators that have suggested the economy is cooling.  Wednesdayâ�,��"�s second quarter gross domestic product report offered the most encompassing picture of growth with a 2.9 percent rate that paled next to the 5.6 percent pace in the first three months of the year.  As domestic demand starts to shrink with expansionary figures, employers will find little need to fill out their ranks to boost production numbers.  However, a read in the NFP figure closer to 0 doesnâ�,��"�t seem on the agenda according to other periphery data.  In the manufacturing sector, three of the for big Fed surveyâ�,��"�s of factory activity have printed positive shifts in their employment components.  Also, the ADP private payroll read, which has been ridiculed recently because of its tendency to over or underestimate the later released government number, grew a net 107,000 for the same month.  Even the markets are weighing in with expectations in the same range.  A CME NFP-linked derivative auction implied 120,300 on Wednesday, while a second on Thursday came in at 113,380. 

Previous: Employment grew less than expected in July as companies took on a net 113,000 new employees while the unemployment rate grew to 4.8 percent from 4.6 percent the month before.   The cooling is consistent with slow but sure turn in the economy and is beginning to reflect more heavily in consumersâ�,��"� level of confidence.  The Conference Board measure of consumer confidence fell to its lowest level in eight months in July as consumers feared current levels of employment and wage growth would not compensate for expensive gas and declines in home equity.  The overall trend in employment was clear in the rolling three-month average in the second quarter of the year which came in at 112,000 â�,�“ the slowest pace since the third quarter of 2003.  However, the slowing pace in employment may not be indicative of a gloomy trend according to recent comments from Fed Chairman Ben Bernanke.   At his July 19th testimony to the Senate Banking Committee, the head of the US central bank said that â�,��"more like 130,000â�,� jobs every month would be need to sustain growth and stable employment as fewer people are entering the job market.

US ISM Manufacturing (AUG) (14:00 GMT; 10:00 EST)
                          (Manufacturing)  (Prices Paid)
Consensus:               54.5                     76.0
Previous:                   54.7                     78.5

Outlook: ISM manufacturing, the most moving US indicator for the past year, is expected to slow marginally in August as preliminary regional reports suggest a broader decline is underway.  For the month, finally found relief from the steady interest rate hikes the Fed had pursued for two years.  However, this break comes at the expensive of uncertain domestic demand for companiesâ�,��"� goods.  An August consumer optimism report fell from 107.0 to 99.6, its lowest level since November, as a tumbling housing market and high gas prices weigh on confidence and spending habits.  From the four major regional reports, three declined.  Among those receding were the New York Empire, Richmond and Chicago surveys.   The Philadelphia-area report was the dissenter.  The other facet of this indicators market worthiness, the prices paid component, is expected to take more pressure off of the Fed as it is forecasted to fall from 78.5 in July to 76.0.  This prediction is well supported with the cross the board drop in energy prices through the month.

Previous: The Institute of Supply Managersâ�,��"� manufacturing survey grew unexpectedly to 54.7 from 53.8 over the month of July.  This increase represented the first since April as production and exports bounced back.  According to the mass survey of American factories, activity continued to benefit from business investment and foreign demand.  A component of production being performed rose to 57.6 from 55.1.  However, a few of the numbers were denoting some difficulty could lie ahead.  The gauge of new orders, comprising fully a third of the total indicator, fell to 56.1 from 57.9.   At the same time, the prices paid read jumped to its highest level since October, putting the pressure on the bottom line when output numbers are beginning to dry up. 

Richard Lee is a Currency Strategist at FXCM.