At 8:30 a.m we will have U.S. Empire State Business Conditions Index and U.S. Current Account. Because they are coming at the same time, it is hard to say which one is going to grab the market. Most likely Empire Manufactures is more important one, and usually when it is in focus by itself a deviation of 10 or 12 can be tradable but I would skip that one.
Monday, December 17th, 2007 (9:00 a.m. New York Time) USA
At 9:00 a.m. we will have U.S. TIC Net Long-Term Transactions. This indicator used to work, then it did not work, and past 3 months it started working again because of very large deviations. It is expected to come out at 49 B. If it comes out at 0 or negative, I would look to sell USD/JPY, and if it comes out at 100 K or more positive, then I would buy USD/JPY. This is one of the financial health indicators so I think USD/JPY should work better on this one.
Monday, December 17th, 2007 (1:00 p.m. New York Time) USA
At 1:00 p.m. we will have U.S. NAHB Housing Market Index. This almost never move the market but if you trade on your own around a lunch time, keep an eye on it, especially if deviation is above 2.