UK Visible Trade Balance (British pound) (NOV) (09:30 GMT; 04:30 EDT)
Consensus:  -6.450B
Previous:   -6.326B

Outlook: The UK Visible Trade balance looks to stay relatively unchanged through the month of October, but the domestic currencyââ,¬â"¢s resilience during the month is likely to place downward pressure on UK exports. Though the repercussions of such an increase are unlikely to be felt for several months, it remains clear that a strong currency can only lead the net balance lower through coming months. On the flip side, weaker oil prices look to lead import values lower, as they did in October, subsequently giving the trade balance as a whole a boost. Nevertheless, risks likely remain to the downside for British exporters.

Previous:  The UK trade deficit narrowed for the second consecutive month, with a drop in imports outpacing a similar decline in exports. The decline in imports was primarily the result of weaker oil prices, which brought values lower.  Total volumes also fell significantly, which may be the result of diminishing spending by UK consumers. Overall, recent trade data shows that the UK is still having a difficult time taking advantage of rising Euro-zone demand, although there is potential for export improvements ahead.

Canadian International Merchandise Trade (NOV) (13:30 GMT; 08:30 EDT)
Consensus:  C$4.0B
Previous:   C$3.8B

Outlook: According to economistsââ,¬â"¢ predictions, Canadaââ,¬â"¢s goods and services trade balance is expected to have grown pick up to C$4 billion in November. With the few complementary indicators available to speculate on, a preliminary view suggests this modest change is realistic. For the same month, the Ivey purchasing managers index marked a surprise drop to a 52.8 read. This unexpected correction suggests, that among other factors, export orders led business leaders to rein in spending in order to conserve shrinking revenue. More industry specific, auto manufacturers may have enjoyed a modest increase in business overseas. As gasoline prices fell in the western world, overall demand for autos picked up. A rough estimate may be drawn from the acceleration in vehicle purchases in the US (Canadaââ,¬â"¢s largest export market) to a five-month high, 16.8 million units. Finally, commodities could once again be the most influential factor in Canadaââ,¬â"¢s trade numbers. Vital crude oil shipments took a hit in both volume and price for the month. Growing inventories in the US cut the need for further inflows while the price per barrel slumped to $55 per barrel in the middle of the month.  Conversely, a general rise in broad commodity indices suggests the other arteries of trade may have picked up the slack.

Previous:  Canadaââ,¬â"¢s trade balance took a hit in October, falling from a C$4.54 billion surplus in September to C$3.78 billion. Beyond the headline numbers, the statistics were decidedly worse. Total exports from Canadian businesses dropped 1.7 percent to C$37.3 billion. Whatââ,¬â"¢s more, exports to the US fell to their lowest level in two years, leading the positive balance with its largest trade partner to a three-year C$6.8 billion. Conversely, imports to Canada rose 0.4 percent (to the highest level since July) despite the appreciation in the Canadian dollar. One statistic that has become to the headline figure for the monthly report was level of energy shipments. Exports of crude and other petroleum based products plunged 11.5 percent to C$6.5 billion as the sharp and steady drop in price fully caught up to the trade figures.

US Trade Balance (NOV) (13:30 GMT; 08:30 EDT)
Consensus:  -$60.0B
Previous:   -$58.9B

Outlook: The US trade balance is expected to post a wider deficit in the month of November as the figure is anticipated to hit -$60.0 billion. Energy prices stabilized during the month following the steep drop in September and October, which signals a potential rebound in import values following a 2.7 percent drop during the month prior. Meanwhile, a weaker dollar and demand from Europe and Asia may spur exports to rise for the fourth consecutive month and limit weakness in manufacturing, keeping the economy expanding as housing slumps.

Previous:  The trade deficit in the world's largest economy unexpectedly contracted to its smallest level since August of 2005. From the breakdown of the balance it was obvious that the positive shift was not from the product of increased exports, but rather a drop of imports.  The inflows of goods and services edged down for the second consecutive month to $182.5 billion.  One of the key components of the month's balance was the drop in auto exports, which fell only 0.7 percent in October compared to the much more burdensome 7.1 percent contraction the month before.  On the other hand, the first decline in civilian aircraft in three months helped put the numbers off.  From imports, the value of foreign oil dropped 17.9 percent following the previous 5.6 percent contraction.  In all, three of the five major import categories of goods trade dropped, while services actually picked up 0.8 percent.

Australian Employment (DEC) (00:30 GMT; 19:30 EDT)
Consensus:  15.0K
Previous:   36.2K

Outlook: While Australiaââ,¬â"¢s strong hiring trend is expected to carry through to December, the addition is expected to be somewhat tame compared to the previous monthââ,¬â"¢s 36,200 addition. Economists expect a net 15,000 Australianââ,¬â"¢s found employment last month as the construction and mining boom followed through and service-based jobs were created to cater to domestic demand. Capacity constraints and unquenchable thirst for energy, metals and food stuffs from China, led firms to hike capital spending 27 percent in the third quarter, a hearty addition to the 80 percent marked in the first half of the year. As a somewhat interpretive leading indicator to the governmentââ,¬â"¢s figures, job vacancy advertisements jumped 12.1 for the same period, for a substantial record. While this may reflect posting for recently cleared positions or newly created positions, the strong increase in November suggests the latter is more likely.  According to preliminary estimates, the rise in 2006 would bring overall employment to its highest levels in four years. This in turn will be a direct driver for wage growth, which could lead to consistent inflation that will necessitate another rate hike in opening quarter of the year.

Previous:  The Australian Bueau of Labor Statistics reported job growth of 36,200 people in November. This was more than three times the 10,000 person addition to payrolls expected.  Much of the increase resided in the energy and construction sectors of the economy. Demand from Asian nations, especially China, has left coal miners in Australiaââ,¬â"¢s Western coast short of the levels of labor needed to meet orders. This in turn has led to wage competition for the remaining skilled labor without jobs. Wages grew 3.8 percent in the third quarter, slower than the 4.1 percent reported in the pervious three months, but well above the average growth seen in past years. Further, from the statistics, the breakdown between full- and part-time suggested labor trends will follow through into the future. Managers filled a net 57,400 full-time positions, while wage costs led to a net 21,200 drop in part-time jobs. With a 30-year low in the jobless rate further boosting optimism, speculation of another rate hike in the coming months from the RBA has increased.

John Kicklighter is a Currency Strategist at FXCM.