Japanese Econ Watchers Survey (NOV) (07:00 GMT; 02:00 EST)
                        (Current)               (Outlook)
Consensus:         51.3                       n/a
Previous:             50.8                      52.5

Outlook:  After holding above the 50 level for the fourth 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 should placate consumers in a tepid inflationary environment. Businesses appear to be appeased as well, as capital expenditures jumped 12 percent in the third quarter. Even investment plans are weathering the end of extraordinarily inexpensive lending rate, with bank lending likely to be upwards of 1.1 percent. 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 October reading of the Eco Watchers â�,��"man-in-the-streetâ�,� survey slipped to 50.8 from 51.0 in September, marking the third consecutive month that the figure held above 50 in expansionary territory. Households remained pessimistic about the economy, as consumers worried more about conditions in the retail and housing sectors. The only area that households proved to have a more positive view of was food and services. Meanwhile, business opinion of the economy also held above the 50 level with the help of non-manufacturersâ�,��"� sentiment. Additionally, employment current conditions proved to remain resilient, as the index held above 60 at 60.6.

German Industrial Production (OCT) (11:00 GMT; 06:00 EST)
                          (MoM)                    (YoY)
Consensus:          0.3%                     5.5%
Previous:             -0.3%                     6.1%

Outlook:  German industrial production is anticipated to pick up as demand for exported products likely remained buoyant amidst a weaker euro, which was priced at a three month low. However, there are substantial risks to the downside, as the October manufacturing PMI reading slipped to 58.2 from 58.4 on slight declines on everything from output, new orders, employment, to prices. Additionally, factory orders unexpectedly dropped 1.1 percent for the month led by a slump in domestic demand for cars and trucks. Nevertheless, more buoyant domestic demand should keep Germany on track for growth.

Previous: Industrial production in Germany corrected lower in September, falling 0.3% after jumping 1.9% the month prior. The decline was led by a 1.4% drop in energy production and a 0.3% slip in manufacturing and mining output. Additionally, with the euro at relatively high levels, German products are a more expensive, less attractive option for importers. Nevertheless, the annual rate was still at a robust 6.1% and indicated that the industrial sector likely performed well in Q3.

Canadian Housing (NOV) (13:15 GMT; 08:15 EST)
Consensus:         220,000
Previous:              223,200

Outlook:  Canadian housing starts are expected to retrace a portion of the big jump in October as economists predict the pace to back down to 220,000.  Such a step down in starts would revive the steady trend lower disrupted by Octoberâ�,��"�s increase.  For November, predictions for groundbreakings are guided by a lagging building permits report and sparse consumer reports.  In the past weeks, the only indicator offering an up to date report of consumer spending was the labor report.  According to Statistics Canada, employers took on 22,400 new workers.  Despite this addition, the nationâ�,��"�s jobless rate still ticked higher to 6.3 percent, though the relative level is still close to the 31-year low set only a few months before.  Expectations for increased building could also come from mortgage rates stepping back.  Since the BoC decided to halt its steady rate hikes, banks have had to moderate spreads taken on loans in order to attract new consumers.  With both of these indicators taken account, the most direct guide for starts may be the previous months permits.  In October, approvals grew 6.1 percent to the second highest level on record, though much of this was for to non-residential projects.  However, filings for dwellings still grew 4.3 percent to $3.62 billion to add positive momentum to Novemberâ�,��"�s starts report.  The housing market may play an integral role in propping up economic growth as exports and manufacturing sectors continue to suffer from waning US demand, cheaper commodity prices and an expensive currency.

Previous:  Owners broke ground on 223,200 homes on an annual pace in October, a full 6.8 percent increase from the previous month.  The first increase in four months, housing construction for the period was primarily driven by multi-family units.  Typically a volatile component of the overall starts report from the Canada Mortgage and Housing Corp., construction on residences that hold more than one family such as condos and apartment building surged 23 percent to 99,000 units.  On the other hand, single-family plots, considered a more reliable report of health in the sector, fell 4.2 percent to 91,800 starts.  This breakdown suggests the surprise increase in Octoberâ�,��"�s headline survey was not necessarily breaking from the trend of a steadily moderating housing market.

US Nonfarm Payrolls (NOV) (13:30 GMT; 08:30 EST)
                           (NFPs)          (Unemployment)
Consensus:         100,000                 4.5%
Previous:              92,000                  4.4%

Outlook:  Speculation surrounding Novemberâ�,��"�s non-farm payrolls report has evolved for weeks in advance of the actual print.  For much of this week, the market consensus for the net addition to payrolls for the month has held steady at 100,000, though a number of indicators have jostled the marketâ�,��"�s underlying forecast.  There are a few indicators that arouse concern that the jobs report will print lower than expected.  One indicator reporting weakness in the employment levels in a certain sector of the economy was the ISM Manufacturing surveyâ�,��"�s component which fell into below the 50.0 expansion/contraction level for the third time in six months.  Perhaps more ominous were the recent highs reached in the governmentâ�,��"�s jobless filings.  First time claims for the week through November 24th grew to the highest level since October 2005.  On the other hand, more recent numbers have restored some of the optimism that has held in consistently positive hiring reports.  Offsetting the predicted net layoff amongst factories, the ISMâ�,��"�s services survey for November revealed a positive change in its own employment sub-gauge.  Since service-based industries outnumber those in manufacturing, a positive balance arises. Another promising indicator for the month was the Challenger figure which tracks net layoffs for a period.  According to the proprietary measurements, job cuts dropped 22.7 percent from the same period a year ago.  Finally, the most readily comparable number for the NFPs report was ADPâ�,��"�s record of private employment change.  Though its correlation to the governmentâ�,��"�s survey is circumspect, the greater than expected 158,000 raises the bar.  

Previous:  The US Bureau of Labor Statistics reported a net 92,000 people filled available positions in October, the fewest in a year.   However, aside from the comparatively sedate headline read, there were few reasons for the market to respond too pessimistically to employment conditions.  One obvious pressure on more optimsistic forecasts for labor were large net cuts for manufacturers and builders.  Factories fired 39,000 employees, the most since July of 2003; while builders laid off 26,000 for the biggest monthly drop since February of 2003.  Otherwise, employment conditions were rather strong.  As service-based sector growth picked up, firms in the large group took on 152,000 following a 154,000 added in September.  Furthermore, average hourly earnings grew 0.4 percent from the prior month while holding strong on an annual basis with 3.9 percent expansion.  Another reason to discount the modest headline number were the recent post-release revisions that have consistently bolstered numbers.  A report in October revealed 810,000 more jobs were found than original calculated in the year through March.  According to Fed Chairman Ben Bernanke, monthly job growth of around 150,000 would be necessary for a stable economy as fewer people enter the labor market.

Richard Lee is a Currency Strategist at FXCM.