Japanese Current Account Total (yen) (AUG) (23:50 GMT; 19:50 EST)
                    (Current Account)           (Trade Balance)
Consensus:          1.404B                           250.0B
Previous:              1.809B                           950.9B

Outlook:  Analysts predict that the Japanese Current Account balance fell for the first time in three months despite a quickly depreciating domestic currency. With the Japanese Yen at all-time lows against the Euro and near yearly lows against the US dollar, exports from the worldâ�,��"�s second-largest economy will likely remain strong. This will likely be offset by higher imports, however, as recent visible trade data shows oil prices weighed on the net balance. Regardless, a poor current account report is unlikely to cause further Yen declines, as markets expect lower commodity prices to limit any further slides. In fact, with the Yen well into oversold territory, it would likely take a materially worse BOP report to spark further declines in the domestic currency.

Previous: The Japanese Balance of Payments surplus improved in July, as progressively higher exports and repatriation of profits from abroad pushed the net balance 7.1 percent higher on the month. The bullish result likewise shone through recent earnings reports, with the nationâ�,��"�s largest multinational corporations reporting record-high earnings through the third quarter. Clearly, a progressively weaker Japanese Yen and continued strength in global demand should continue to push profitability higherâ�,�”thereby boosting the overall economy. Whether this translates in to retracements in the domestic currency remains to be seen, but international consumers continue to pick up the slack for less-than-stellar Japanese personal expenditures growth.

Australian Employment Change (SEP) (01:30 GMT; 21:30 EST)
                   (Employment Change)               (Unemployment Rate)
Consensus:            5,000                                         4.9%
Previous:               23,400                                        4.9%

Outlook:  Australian firms are expected to have added more workers to the payrolls in September, but at a slower pace than has been seen in recent months.  An expected 5,000 person increase in net employment for the month compares to the 20,000-plus additions seen in six of the previous seven months.  Furthermore, economists predict the jobless rate for the same period should hold near the thirty-year low 4.8 percent with the modest addition.  Though bump in staff would mark the 11th consecutive increase, it could also warn of a peak in hiring trends.  According to government figures, economic growth in the second quarter rose 0.3 percent and 1.5 percent when considered annually, a three and five year low respectively.  Beyond the recent depression in growth rates, interest rates may also prove an issue for employment.  Australian companies are expected to respond to the interest rate hike issued from the Reserve Bank in the previous month that brought the overnight cash rate to 6.00 percent.  If job growth begins to slow, expectations for growth, inflation and another rate hike will likely follow.

Previous: Job growth more than doubled the marketâ�,��"�s predicted addition in August.   Firms took on 23,400 new employees for the month as a worker shortage continues to plague the business sector of the economy.  Accordingly, the participation rate, an indicator measuring the number of Australianâ�,��"�s in the labor market as a percentage of the total population rose to a record high 65.1 percent.  Further revealing the strength in this cyclical labor trend is the breakdown between full and part-time employment.  Temporary positions filled 700 slots for the month while permanent ones grew by 22,600.  This is a promising split for further wage strength as hiring managers have to increase bonuses and expedite promotions to attract skilled workers from a dwindling pool.  Wage growth in the second quarter hit a near-record 4.1 percent.  Given the direct correlation between wage growth and consumer inflation in recent months, central bank officials reacted to the data by raising the benchmark lending rate for the second time this year to a five-and-a-half year high, 6.00 percent. 

Japanese Consumer Confidence (SEP) (05:00 GMT; 01:00 EST)
Consensus:           46.2
Previous:              47.6

Outlook:   The number of pessimistic consumers in Japan could be greater than that of optimistic ones again in September as household confidence is anticipated to slip even lower to 46.2. The most recent report of labor cash earnings showed a drop of 0.5 percent on an annual basis and highlights that although business sentiment has increased steadily amidst record corporate profits, consumers are more likely to have a gloomy outlook as they have yet to see the results of Japanese economic growth via wages. Upside risk could come from the results of the Economy Watchers survey for September, which rose for the second month in a row to 51.0. However, the breakdown of this report saw greater confidence on the part of businesses rather than consumers, and only reiterates the need for payroll growth.

Previous: Sentiment amongst Japanese consumers declined further in August to 47.6 from 48.6 the month prior. Unemployment near an eight-year low and record corporate profits assisted by a weaker Yen has failed to seep into wage growth. Bank of Japan Governor Toshihiko Fukui acknowledged in September the lackluster growth in worker pay when he said, â�,��"Companies are still trying to keep the lid on personnel costs but we're going to see a gradual, steady rise in wages.â�,� Subsequently, consumers who were impacted by higher energy costs were faced with lower disposable income, leading to uninspiring household spending figures, which dropped 4.3 percent in August and has fallen every month this year.

US Trade Balance (AUG) (12:30 GMT; 08:30 EST)
Consensus:            -$66.7B
Previous:               -$68.0B

Outlook:  The US trade deficit looks to narrow in August, as higher exports and slowing imports will likely boost the number above Julyâ�,��"�s all-time lows. Indeed, the vast majority of economists predict that falling oil and natural gas prices will limit the dollar value of energy imports, while increased manufacturersâ�,��"� orders show signs that outflows will pick up on the month. According to a Bloomberg News report, only of 13 of 65 of analysts surveyed expect tomorrowâ�,��"�s number to match or fall below all-time lows, while the rest hope for moderate gains. Risks to the median prediction remain to the upside, as slowing domestic demand will almost certainly damper purchases of foreign goods. This may actually prove bearish for the US dollar, however, if the slowdown in demand is sharper than expectedâ�,�”thereby worsening outlook on overall US growth.

Previous: The US trade balance unexpectedly fell to a new record-low, as a progressively higher energy bill lifted imports, while exports fell for the first time in 5 months. The $68 billion dollar figure was substantially lower than expected, with median forecasts calling for a $65.5 billion deficit. Analysts at the time claimed that the figure was unlikely to post any substantial improvements, but a more recent moderation in the price of key commodities will likely limit further gains in imports. Likewise significant, a falling US dollar would probably boost international purchases of US goods. We await tomorrowâ�,��"�s release to see if Julyâ�,��"�s falling export figure was simply an anomaly or the start of a new trend.

Canadian International Merchandise Trade (AUG) (12:30 GMT; 08:30 EST)
Consensus:               C$4.1B
Previous:                  C$3.9B

Outlook:  Canadaâ�,��"�s positive goods and services balance of trade is expected to grow slightly over the month of August to C$4.1 billion from C$3.9 billion in the previous period.  This improvement from a more than three year low could prove difficult however as exchange rates, cheaper commodities and a rebound in consumer spending habits are still working against the surplus.  Perhaps the biggest burden for an improvement for the level of trade comes on the part of an expensive Canadian dollar.  The single currency continued to stubbornly hover near its 28-year high against its US counterpart though August.  This is  particularly damaging for Canadian exports since 85 percent of all goods destined for consumption outside of the nationâ�,��"�s boarders end up in the US.  This skew from parity in the exchange rate is also hurting trade on the import side.  As Canadian consumers picked increased their spending habits in the previous month, more purchases were likely on the part of comparatively cheaper imports.  Another big shift was the big contraction in vital commodity prices.  Since exports of necessary goods accounts for a vast majority of total shipments across the board, the correction in energy and precious and industrial metals will shave a sizable fraction off of profits.  With the visible trade balance trending noticeably lower, official growth projections are likely to take heed and give the central bank greater scope to keep rates on hold.

Previous: Canadaâ�,��"�s long-standing trade surplus dipped to C$3.86 billion in July, its lowest level in over three years.  This increase comes primarily on the back of the first deficit in auto shipments in 15 years.  Imports of vehicles grew 11 percent in July to a three-and-a-half year high value of C$7.3 billion.  On the other hand, auto exports slipped 7.2 percent.  This drop in sales abroad comes mainly on the part of weaker sales in the US.  American car dealers have had a difficult time moving inventory in recent months as local gasoline prices reach all-time highs and affordable financing escapes many.  From the remainder of the breakdown, every component of the overall trade figure except lumber and the â�,�˜other goodsâ�,��"� category reported import growth.  On the other hand, high prices and stiff demand for commodities helped cushion the monthâ�,��"�s decline.  Crude prices hit an all time high $78.40 on July 14 boosting the value of total oil exports to a record C$3.5 billion.   Similarly, industrial goods figured in at its own record C$8.1 billion.

Richard Lee is a Currency Strategist at FXCM.