1. Forex Outlook For December 2012: Macroeconomic Highlights
  2. Forex Outlook For December 2012: Upcoming Events To Watch

December 3 - Germany will release its PMI Manufacturing Index, providing traders with insight into the country's manufacturing sector. In October, the index fell for its eighth straight month to 46.0 amid shrinking demand in Europe and lower investment levels in Asia. December 5 - Germany and the European Monetary Union will both release their PMI Services Index, providing insight into the region's services sector. In October, Germany's index fell to 48.4, while the EMU's reading fell to 45.7, both signaling ongoing economic contraction.

Britain will release its CIPS/PMI Services Index after last month's reading showed the slowest growth in almost two years. Traders are concerned that the country's fragile recovery may be at risk of faltering, particularly if this month's readings come in lower.

December 9 - Japan will release its latest GDP figures in a move that will be closely watched, given the steep 3.5% contraction during the third quarter. The yen fell sharply as the drop was the greatest fall since the 2011 earthquake that sent its economy reeling.

December 10 - Italy will release its latest GDP figures, which many economists expect it will shrink due to unemployment gains. At least one economist expects a contraction of more than 1% in 2013, compared to a consensus of a drop around 0.6 to 0.7%.

December 12 - The U.S. FOMC will meet in a move that's always closely watched by the markets. Last month, the minutes from the meeting signaled that easing efforts were having a favorable impact on the U.S. economic recovery.

The European Monetary Union will also release its aggregate industrial production figures, providing insight into the region's manufacturing economy. Earlier this year, industrial production fell sharply by 2.9% in August and 2.3% in September.

December 13 - Japan will release its Tankan indicator, which surveys thousands of Japanese companies about current and expected economic trends. In mid-November, the Tankan report showed its fourth consecutive month lower with a reading of -19.

Italy will also release its consumer price index, providing insight into the country's inflationary trends. Preliminary readings in October came in relatively flat, which was a bit lower than many economists were expecting.

December 18 - Britain will disclose its consumer and producer price indexes, providing insight into the country's inflation rates. Since it decided to shelve its quantitative easing, the British economy has seen inflation grow at half its expected rate as expansion slows.

Japan will also release its Merchandise Trade report, shedding light on the country's export sector. In September, the value of the country's exports fell more than 10% year over year, which was far worse than August, but in line with analyst expectations.

December 19 - Britain will release its Labour Market Report, providing insight into the employment situation in the country. In mid-November, the country reported jobless claims that rose at its fastest pace in more than a year, driven by the poor economic outlook.

December 20 - Britain will release its retail sales data, which is widely seen as a useful metric for gauging consumer confidence. In October, retail sales fell greater than originally forecasted, led by a drop in demand for food and clothing, according to the Office for National Statistics.

December 21 - Britain will release its GDP figures, providing insight into its overall economic growth. In early November, the European Commission cut the country's GDP forecast to 0.9% in 2013 after falling 0.3% this year, after what they called a "bleak" 2012.

December 25 - Japan will release its MPB minutes, shedding light on its business confidence levels and expectations. After the country's government cuts its economic outlook for a fourth straight month in November, traders remain very pessimistic about the future.

December 27 - Japan will release its industrial production figures, providing insight into the country's manufacturing sector. Again, in September, the value of the country's exports fell more than 10% year over year, which was far worse than August, but in line with analyst expectations.

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