UK Rightmove House Prices (OCT) (23:01 GMT; 19:01 EST)
                        (MoM)          (YoY)
Consensus:        n/a              n/a
Previous:            0.2%           9.8%

Outlook:  The first in a long-line of UK housing indicators has no market consensus attached to it as economists wait to see how consumersââ,¬â"¢ spending habits will further be affected by Augustââ,¬â"¢s rate hike.  As its stands, last monthââ,¬â"¢s data has already suggested the recent trend of higher running prices in houses is finding a top.  While the effects of the previous rate hike are still playing through to following months, the real burden to demand and valuation appreciation comes from lofty expectations of a 5.00 percent overnight lending rate before the end of the year.  Further boosting skepticism that home prices can keep rising are the current state of confidence levels.  Both the GfK and Nationwide figures of consumer sentiment have trended dramatically lower in the past year.  An inkling of hope for an improvement, though also comes in the form of Britonsââ,¬â"¢ optimism.  With gasoline prices plunging and the broad economy looking to rebound from recent lulls in output, consumers may find the stimulus behind wages and employment to take on the weight of a new mortgage.

Previous: Housing prices were little changed in September, suggesting the run in the housing market could come to a quick conclusion.  According to Rightmove, the average house value grew 0.2 percent over the month of September and 9.8 percent through the year.  Prices over the month continued to adjust to the surprise quarter point rate hike at the bare overnight cash rate in August.  As the cost of existing and new mortgage rises, and with higher utilities and related costs making the price of home ownership that much higher, interest in purchasing a new home has begun to fall off. From the breakdown, prices fell in six of 10 regions that were surveyed.  On the other hand, this indicator contradicts the changes seen in a few of the other big housing market indicators.  HBOS, the largest mortgage lender, reported the average housing price jumped 1.0 percent over the same month.  Move over, the Nationwide index reported 0.8 percent growth.  This divergence between the indicators found most market participants erring on the side of optimism.

Empire Manufacturing Survey (OCT) (12:30 GMT; 08:30 EST)
Consensus:         11.2
Previous:             13.8

Outlook:  The first of the regional factory indicators, the New York Fedââ,¬â"¢s Empire Manufacturing survey for October is expected to slow slightly as demand for goods tapers.  Recently, demand for manufactured goods has slowed as the officials at the central bank warn of a slowing economy that is still exposed to a sudden return in inflation that would push the much needed relief of a rate hike further into the future.  Despite these long term fears though, more recent trends suggest New York firms may continue to find healthy demand and cheaper prices to boost output and profits.  Input prices are easily the most relevant factor in the past few months.   With crude oil now hovering near $60 per barrel and other necessary goods already near their respective lows, the dearest costs now lie in labor.  Relief from high wage costs looks to be a ways off however, as nonfarm payrolls continues to print steady growth and averag e wages are continually padded to attract skilled labor from a dwindling labor pull.  Whether the Empire figure for October improves or degrades, it will set the benchmark for the other closely watched reading and produce updated predictions for the more important ISM figure due the following week.

Previous: Factory activity in New York grew at a faster pace in September than the previous month as components of demand rose.  According to the components of the survey, the shipments index rose to 20.6 from 15.4 in August, while the open orders figure rebounded to 2.2 from a negative 6.6 in the previous month.  These measures of current and future demand are still finding support from businesses looking to invest in machinery and equipment to increase efficiency and an export market that is still expanding.  Aside from the improvements to demand, the costs incurred by regional manufacturers was also an issue.  A prices paid gauge dipped to 3.3 points to 41 largely due to the sharp drop in expensive crude oil.  Even with the cheaper energy bill though, prices received at the factory gate still managed to rise to 1.2 points to 16.0.

Richard Lee is a Currency Strategist at FXCM.