Australian Employment Change (OCT) (00:30 GMT; 19:30 EDT)
                         (Change)               (Rate)
Consensus:         7,500                    4.8%
Previous:            31,400                   4.8%

Outlook:  The Australian labor market looks to cool its most recent rate of growth, as analysts predict the economy added much fewer jobs through the month of October. An initial glance at expectations of employment change at six-month lows may be slightly misleading, however, as consensus estimates likewise call for the Unemployment rate to remain at 30-year lows. Markets have paid close attention to developments in the Australian labor market, as rising wage costs have been a primary driver of overall inflation and subsequently high RBA interest rates. More recent central bank commentary suggests that further interest rate increases may have to wait, however, as a slowdown in consumer spending led economic growth to its lowest in three years. Traders will likely scrutinize the upcoming employment report, as any substantive surprises in either direction could cause sharp moves in the Australian dollar.

Previous:  The domestic labor market tightened further through the month of September, as a gain of 31,400 jobs pushed the unemployment rate to 30-year lows. Markets immediately sent the Australian dollar higher in the moments following the release, as the prospects of higher wage growth increased speculation of a further RBA interest rate hike. Now that the central bank has indeed raised interest rates by another 25 basis points, traders now look to upcoming data to gauge whether any subsequent moves will be necessary. Upcoming economic reports become critical, as signs of slowing economic expansion threaten to rule out speculation of any further interest rate increases.

Japanese Eco Watchers Survey (OCT) (05:00 GMT; 00:00 EDT)
                        (Current)               (Outlook)
Consensus:         51.5                        n/a
Previous:              51.0                        52.8

Outlook:  After holding above the 50 level for the second month in a row, the Eco-Watchers current assessment is expected to prolong its comeback.  Indeed, at face value, the Japanese have little cause for concern, as low unemployment and increasing wage growth should placate consumers in a tepid inflationary environment. Businesses appear to be appeased as well, as capital expenditures jumped an annualized 11.5 percent in September. Even investment plans are weathering the end of extraordinarily inexpensive lending rate, with forecasts predicting a 1.6% increase in bank lending. However, with continued weakness in the retail sector, and with households responsible for most of the previous monthâ�,��"�s decline, pessimistic consumer sentiment could easily push the number towards the downside.

Previous:  The September reading of the Eco Watchers â�,��"man-in-the-streetâ�,� survey rose to 51.0 after reaching above the 50 level for the first time in two months in August. Households remained pessimistic about the economy, as consumers worried more about conditions in the services, food, and retail sectors. The only area that households proved to have a more positive view of was housing, as starts jumped 4.0 percent in September. Meanwhile, business opinion of rebounded above the 50 level with the help of non-manufacturersâ�,��"� sentiment. However, employment current conditions proved to be the most resilient, as the index breached 60 to hit 61.2 from 59.8 in August.

Swiss SECO Consumer Climate (OCT) (06:45 GMT; 01:45 EDT)
Consensus:         16.0
Previous:              12.0

Outlook:  Swiss consumer confidence is expected to have climbed to a fresh five-year high in the third quarter according to estimates surrounding the SECO climate indicator.  As was the main driver in the previous three months, the strong national employment record should have buoyed optimistic sentiment. The nationâ�,��"�s jobless rate held at a four-year low 3.1 percent in September as companies stepped up hiring efforts in an effort to meet growing domestic and foreign demand for Swiss-made goods.  Another development that will play on consumer confidence was the continued slide in energy prices.  The global easing in gasoline prices likely provided the Swiss more discretionary income to spend on goods.  A few different indicators may already hint at a pick up in confidence.  Retail sales grew in the three months through August, even as expensive energy prices were lightening wallets.  Also, a rebound in the UBS proprietary consumption indicator in September will sets the groundwork for growing optimism in October.  Policy makers will monitor the confidence gauge for continued strength, as the consumer base represents the main driver in growth and inflation gauges. 

Previous:  Optimism rose to a five-year high in July as strong job growth left the Swiss more confident about their financial position.  Rising consistently over the past three quarterâ�,��"�s, the SECO climate read advanced 5 points to a read of 12 in the last print.  Much of the growing optimism from consumers came in response to the jobless rate falling to a three-year low 3.3 percent.  Much of this growth came specifically from the manufacturing sector.  A cheap franc and aggressive economic expansion in the European region stoked demand for Swiss-made goods.  To keep up with demand and ward off capacity restraints, factories continued to draw skilled labor from the dwindling labor pool.  With exports looking to hold strong for some time in the future, and domestic consumption beginning to pick up some of the slack in the economy, consumers foresaw a strong position for themselves in the future; and reflected this with their confidence.

BoE Rate Decision (12:00 GMT; 07:00 EDT)
Consensus:         5.00%%
Previous:              4.75%

Outlook:  The Bank of England is widely expected to hike rates 25 basis points to a five-year high of 5.00 percent, as inflationary pressures have held above the central bankâ�,��"�s ceiling for five months. BOE Governor Mervyn King recently said, â�,��"Inflation is a little bit over target, and there doesnâ�,��"�t seem to be a great deal of spare capacity in the economy.â�,� While volatile factors such as food and utilities have been the primary culprit of increased price pressures, the BOE has also expressed concerns regarding the second round effects of booming oil prices. Meanwhile, GDP growth has picked up more than expected, as expansion accelerated 0.7 percent in the third quarter, signaling that the economy will be able to withstand higher rates. Additionally, the housing market in the UK has proved to be remarkably resilient, as the RICS house price balance surged to a four year high of +45 from +32. However, consumption has started to slow, with retail sales surprisingly dismal at -0.4 percent and the October reading of CBI Distributive Trades falling to a paltry -4 from +14. Furthermore, the number of unemployed workers in the UK jumped 10.2K, signaling that the labor market may lose steam, which could lessen pressures on wage growth. In the end, the BOE has already proven that they will act to preempt inflationary pressures, as they did in August. Given the signals that the central bank has been sending and the fundamental data they have to work with, it appears that November will be much the same story.

US Trade Balance (SEP) (13:30 GMT; 08:30 EDT)
Consensus:         -$66.0B
Previous:              -$69.9B

Outlook:  The US trade deficit likely narrowed through the month of September, as a falling energy bill led imports lower for the worldâ�,��"�s largest economy. This forecast should come with a caveat, however, as market analysts previously used the same reasoning to call for an improved trade balance through August. Given that the deficit grew to an all-time high at $69.9 billion, many traders wondered how consensus estimates could be so far off the mark. Regardless, there is little reason to believe that the trade figure reached further records through the most recent observation period. Instead, crude oilâ�,��"�s sustained decline should limit further import growth and lead the net debit lower. One has to wonder whether markets will actually react to surprises, however, as implied volatilities continue to set new lows. Indeed, options traders have currently priced in one week volatility only slightly above Mondayâ�,��"�s record-lows. It will likely take a substantial surprise in either direction to elicit volatile price moves in major world currencies.

Previous:  The US trade deficit unexpectedly gained to record-highs, as a relentlessly high energy bill limited retracements in the headline figure. Analysts had widely assumed that crude oilâ�,��"�s sharp drop through late August would immediately spill into the trade balance, but it became clear that the effects of such a decline would be more delayed. We have already seen signs that this will likely reflect itself in September data, as the Labor Department reported that cost of imported petroleum shed 10.3 percent on the month. Markets will monitor upcoming data to see if this will translate into a lower trade deficit.

Canadian New Housing Prices Index (MoM) (SEP) (13:30 GMT; 08:30 EDT)
Consensus:         1.0%
Previous:              1.5%

Outlook:  New housing prices in Canada should continue to accelerate in September as housing shortages likely pushed prices higher. The index is expected to hit 1.0 percent, down slightly from Augustâ�,��"�s breakneck pace of 1.5 percent, which was the fastest pace since 1989. The labor market is likely to be a major contributor, as the booming energy market has led companies to take on additional employees, resulting in workers moving to places like oil-rich Alberta en masse. A gain in September would be in line with the gain in residential starts, which hit a three-month high of 223,000 units in October, suggesting the housing market continues to contribute to strong consumer spending and an extended rebound in economic expansion.

Previous:  Prices for new homes in Canada jumped 1.5 percent in the month of August, the fastest pace since 1989. Surging energy demand led oil producing companies to increase hiring in order to boost output, and the province of Alberta benefited the most. Alberta, with a population of 3.3 million, sits on the largest pool of oil reserves outside the Middle East. As a result, the province has experienced a shortage of housing, which has subsequently pushed prices higher. In Calgary, Alberta's largest city, prices were 61 percent higher in August than they were a year earlier.

Canadian International Merchandise Trade (SEP) (13:30 GMT; 08:30 EDT)
Consensus:         C$3.7B
Previous:              C$4.2B

Outlook:  Just as the US trade deficit is expected to contract with the benefit of cheaper commodity imports, the Canadian surplus is expected to fall back for the same reason.  Economists expect Septemberâ�,��"�s balance to ease from its five-month high printed in August to C$3.7 billion the following month.  For the period, the combined effects of cheaper energy and industrial metal exports with a stubbornly high Canadian dollar will act to cut vital exports.  Accounting for a sizable portion of the Canadian export market, crude oil prices continued its sharp decline begun in the beginning of August.  Ending the month below $60 per barrel on US exchanges, the dramatic drop will make a sizable cut into the overall trade account.  Another lingering issue will be the persistently expensive currency.  Though the Canadian dollar was able to ease somewhat against the US currency in the months before, it was able to quickly return to within armâ�,��"�s reach of its 28-year high set earlier in the month.  Looking ahead, slowing US growth and strong Canadian spending on cheap imports will continue to wear on the Canadian trade balance.  Should a more dramatic shift be realized in the months ahead, the currency may begin to drop more quickly as international capital flows remove the struts propping up the Canadian dollar.

Previous:  Canadaâ�,��"�s surplus marked its highest level in five months in August as a simultaneous jump in Nickel prices and drop in domestic auto demand helped correct the previous monthâ�,��"�s decline.  When the figures were broken down, exports grew to a value of C$38.7 billion.   The 0.3 percent increase was the fourth consecutive positive turn in shipments outside the boards.  During the month, the energy products were not contributing a positive change.  Following the start of a large decline in petroleum products like crude oil, the energy group dropped 2.2 percent, leaving the value of component at C$7.7 billion.  However, taking its place were strong agricultural and industrial metal shipments.  Specifically from the latter, record Nickel prices helped Canadian-based producers as levels of volume held consistently through the marked price appreciation.  On the other side of the equation, a drop in auto purchases helped imports to ease 0.6 percent to $34.5 billion.  

US University of Michigan Confidence (NOV P) (15:00 GMT; 10:00 EDT)
Consensus:         93.6
Previous:              93.6

Outlook:  The advance read for consumer confidence for November is expected to be unchanged from the previous monthâ�,��"�s high as cheaper energy prices and a consistently strong labor market offset the continued concern over the housing market.  Leading into the beginning of the month, energy prices hovered near their multi-month lows.  Specifically important for the consumer population are the relatively low prices in gasoline and the very public level of crude oil.  More visceral for the average American though was likely the employment report for October.  Though nonfarm payroll additions are no longer in the 300,000-plus range, the steady monthly additions are in line with Fed Governor Ben Bernankeâ�,��"�s estimates of what is needed to produce sustainable growth.  Furthermore, the most recent addition to the roster resulted in a drop in the jobless rate from 4.6 to 4.4 percent.  This is the lowest level of unemployment in five-years, and will easily find its way into the publicâ�,��"�s consciousness.  On the other hand, the unyielding drop in the housing market will shore up rampant optimism.  With a number of housing indicators resuming their decline from the previous monthâ�,��"�s temporary bounce higher, consumers will continue to feel the loss their largest source of equity.

Previous:  The University of Michiganâ�,��"�s survey of consumer sentiment rose from 85.4 in September to 93.6, its highest level in 15 months.  The large jump in confidence follows the cheaper price at the pump and the halt in the Fedâ�,��"�s string of rate hikes.  By October, gasoline prices fell from their highs set in July and August to $2.22 a gallon, leaving more money in Americanâ�,��"�s pockets for discretionary purchases.  The components in the overall read were perhaps even more promising than the headline figure.  The current situation index, used to measure consumersâ�,��"� willingness to spend on big-ticket items, jumped from 96.6 to 107.3.  From the expectations sub-gauge, a 3.4 point rise to 84.8 suggested Americans would pick up their spending habits going into the holiday season.  One signal that supported mixed sentiment between investors looking for a higher yields and consumers looking for their dollar to stretch farther was the inflation prediction component.  The consensus on inflation a year from now held at 3.1 percent, quite a reduction from the lofty levels seen in earlier reports.

Richard Lee is a Currency Strategist at FXCM.