UK CBI Industrial Trends (OCT) (10:00 GMT; 06:00 EST)
                       (Total)       (Exports)
Consensus:         -3               -1
Previous:             -5               -3

Outlook:  The headline CBI Industrial Trends reading for the month of October is anticipated to improve for the fourth consecutive month to a negative 3 read from negative 5 the month prior. The rise would be in line with the 0.1 percent gain in industrial output and the 0.4 percent rise in manufacturing production. Increased demand from the UKââ,¬â"¢s European neighbors should also lend some strength to the export report. However, future expansion may be limited with domestic demand growth that has been fragile at best. Additionally, oil production could be in a long-term downtrend, as the figure has been falling steadily since 1999, by between 6 percent and 17 percent each year.

Previous: September CBI industrial trends survey came in better than expected, with the headline index rising to negative 5 from negative 8 in August, the highest reading since December 2004 and much better than estimates of a negative 7 print. Meanwhile, export orders jumped to a negative 3 from negative 6. A breakdown of the survey data also showed that output expectations over the next 3 months fell rebounded to 14 from 11, while domestic price expectations slipped to 8 from 13 on the back of lower petroleum product costs. Overall, the CBI data highlights that the domestic industrial sector appears to be on track for improvement, and could continue to serve as a positive contribution to GDP in the months going forward.

Richmond Fed Manufacturing Index (OCT) (14:00 GMT; 10:00 EST)
Consensus:         8
Previous:             9

Outlook: The Richmond Fedââ,¬â"¢s manufacturing survey is expected to show factory activity over the month of October slowed slightly as demand from the consumer and business sectors slows.  Traditionally holding a significant correlation to the nationwide ISM indicator released later, expectations for this monthââ,¬â"¢s release are more aligned with the Philly regional release rather than the Empire release.  Released last week, the Philadelphia regional report of manufacturing unexpectedly contracted for the first time since April of 2003 on a drop in prices received, unfilled orders, and employees all while inventories rose.  However, like the Philly report, the Richmond number may be more interesting for its forecast components.  In the forecast aspect, both of the previous regional releases improved as managers saw the drop in gasoline as a means to stoke demand in the coming months.  Traders will watch for the Richmond index to offer a more consistent read of manufacturing trends in the nation to help offset the weak industrial production read for the previous month.

Previous: Factory activity in the Richmond area picked up modestly in September to produce a 9 read on the regional Fedââ,¬â"¢s read versus the 3 printed the month before.  From the breakdown of the survey, the improvement for the month came from a general rise in demand, even as price trends deteriorated.  Over the month, shipments grew to a positive 9 from a negative 8 in August, while the future demand indicative from new orders volume advanced 5 points to a read of 10.  From the prices components, prices paid for raw material grew 3.18 percent, while those received for finished goods slowed to 2.55 percent.  The forecast section of the survey showed managers expected the recent trends to continue for the coming six months.  The forward looking new order volume sub-gauge grew 19 points to 25 while the new order backlog grew 8 points.  Similarly, expected prices paid accelerated to 3.7 percent growth while received also grew to 2.47 percent.

Richard Lee is a Currency Strategist at FXCM.