Swiss SVME Purchasing Managers Index (OCT) (08:30 GMT; 03:30 EDT)
Consensus:         64.0
Previous:             64.4

Outlook:  Purchasing managers in Switzerland are expected to be less optimistic about the manufacturing sector in September. The SVME reading is anticipated to slip to 64.0, which would be in line with the October KOF leading indicator, which fell to 2.00 from a revised 2.19 in September. The KOF reading was below market forecasts as well as the weakest reading reported since March, adding to the number of indicators pointing to a Swiss growth slowdown ahead. However, upside potential comes from the stellar export growth in the month prior, which underpinned the widening of the trade surplus to a record 1.80 billion Swiss francs. Should demand both domestically and abroad continue to flourish, signals from the manufacturing sector could remain strong.

Previous:  Swiss SVME PMI plunged to 64.4 in September, down from August's all time high of 68.2 and below estimates of a slip to 65.9. Septemberâ�,��"�s figure was the softest balance recorded since May, but the indicator was still above 50 and pointing towards solid expansion for the sector, albeit somewhat slower in the months ahead. The September PMI was also in line with the September KOF reading, as the Swiss leading indicator composite fell more than expected to 2.32 as a decline in exports looked to trim GDP potential. Additionally, weak export demand, which accounts for almost 50 percent of the nationâ�,��"�s $368 billion economy, dwindled on a 1.7 percent drop in shipments from July to August.

UK PMI Manufacturing Survey (OCT) (09:30 GMT; 04:30 EDT)
Consensus:             53.8
Previous:                54.4

Outlook:  Analysts predict that UK manufacturing growth resumed its previous downtrend through the month of October, as a pullback in orders growth limited further gains. Indeed, analysts feel that Septemberâ�,��"�s sizeable gain in output is unlikely to be sustained through the more recent survey period. Exports likely slowed on a domestic currency near 18-month highs, while moderating price pressures will likely weigh on the overall index.

Previous:  UK manufacturing unexpectedly grew at a stronger pace through September, as a surprising gain in exports pushed the PMI index to 3-month highs. Indeed, the export orders index moved into expansionary territory at 53.1, boosting the overall output index to 58.7â�,�”matching Juneâ�,��"�s highs. What remains to be seen, however, is whether exporters will continue to see robust international demand despite a strong domestic currency. We look to tomorrowâ�,��"�s release to paint a clearer picture of the trend in manufacturing growth through the medium term.

US ISM Manufacturing Survey (OCT) (15:00 GMT; 10:00 EDT)
                      (Headline)          (Prices Paid)
Consensus:         53.0                     58.0
Previous:            52.9                      61.0

Outlook:  The nationwide manufacturing report is expected to have improved for the first time in three months in October even as most of the more highly correlated regional surveys reported worse than expected results for the same period.  The only area-based factory report to suggest an improvement in the forthcoming ISM report was also the first.  Marking the highest read in four months, the Empire Index advanced on improvements in prices received, shipments and employment factors.  However, at the same time, expectations for most of the relevant components in the coming six months plunged.  Later on the Philly Fed quickly squashed any hopes that the New York-area improvement was more than just an isolated event.  Factory activity in the Philadelphia region contracted for the second consecutive month following the first back-to-back decline since March/April of 2003.  Following this contraction, the Richmond Fed produced its own negative read for October, its first since January.  Most recently, the Chicago PMI offered the last periphery indicator to buffer ISM forecasts.  Consistent with the previous two reports, the index dropped to its lowest read since May of 2003 as production, new orders and backlogs all dropped.  Given the level of these individual, regional reports and the level of the consensus, the national manufacturing report could produce volatility in the currency market if it prints anywhere off the mark.

Previous:  ISMâ�,��"�s manufacturing survey fell to its lowest level since May of 2005.  Though the indicator is still indicative of expansion (printing above the 50.0 expansionary/contractionary level), it was still the second consecutive monthly contraction.  From the breakdown of the monthly report, demand and production levels were reporting the biggest drain on factory performance.  The production component slipped for the second consecutive month while the new orders passed unchanged.  At the same time, the backlog of orders was being worked off as the read fell below the 50.0 level for the first time in over a year.  Even foreign demand was waning evidenced by the 0.4 point drop in the related indicator.  Also noteworthy from the overall report was the weakening in employment.

Australian Retail Sales (SEP) (00:30 GMT; 19:30 EDT)
                              (MoM)              (3Q)
Consensus:             0.5%                0.6%
Previous:                0.3%                 0.6%

Outlook:  Retail sales in Australia are expected to grow 0.5 percent for the month of September while leaving the third quarter rate at the 0.6 percent marked the month before.  Expectations for increased consumer spending for the period come on the basis of a number of related indicators.  First off, national wealth has been stoked by a third month with unemployment at three-decade lows.  In turn, the 4.8 percent level of joblessness has worked with a drop in gasoline prices to stoke a rebound in consumer confidence.  Westpacâ�,��"�s sentiment gauge offset a previous monthâ�,��"�s decline to post 12.4 percent growth in September.  Furthermore, from the components of the survey, plans to buy major household items grew by 9.7 percent.  Perhaps the most helpful report for those predicting retail sales to pick up for the period was a related increase in the Cashcard Retail Index.  In the same month, the proprietary index grew 0.7 percent as Australianâ�,��"�s used the money saved at the pump to increase discretionary spending.

Previous:  Australian consumer spending picked up in August helped along by tax cuts and a historically low jobless rate.  Retail sales grew 0.3 percent for the month, slower than the previous periodâ�,��"�s 0.9 percent advance. During the month, Australiaâ�,��"�s government initiated a four-year plan to cut taxes by A$36.7 billion over the period in an effort to boost growth in the Asian-Pacific nation.  These spread out tax cuts worked with an unemployment rate near a 30-year low, 4.8 percent to help offset a number of other factors weighing on Australian consumers at the time.  The most immediate weight on consumers for the period was the quick rise in petrol prices through the month of August, which sapped Australiansâ�,��"� bank accounts.  Another prominent issue in consumersâ�,��"� minds was the recent rate hike issued from the RBA with potentially more to come.  Both of these indicators in turn acted to pull consumer sentiment to recent lows for the year, even though employment trends and economic growth seemed capable of offsetting the costs to consumers.

Richard Lee is a Currency Strategist at FXCM.