FXStreet (Mumbai) - U.S. Federal reserve rate decision undoubtedly is the most important economic event for this week. After having kept rates at record low for almost a decade now, the Fed looks poised to raise rates when it meets on 15-16 December. It will undoubtedly have a huge impact on both sticks and currency market across the globe. Emerging markets that are already slowing and needs steady flow of capital to keep operations running can be expected to be hit. Apart from the Fed decision, there are of course slew of other economic indicators to be released as well. All of these will give us a glimpse of the overall health of the respective economies and will also help in understanding how far the monetary policies of the central banks have been beneficial ensuring recovery. Most important of these indicators are UK retail sales, euro zone CPI, Core CPI as well as Markit Composite PMI. The U.S. will also release their consumer price index this week 14th December Japan industrial production- The industrial production in October dipped -1.4 per cent. The decline was in line with market expectations. Euro zone industrial production- Seasonally adjusted industrial production is expected to come in at 0.2 per cent month on month in October. Year on year, industrial production is expected to come in at 1.3 per cent. 15th December Australia house price index- Quarter on quarter, the house price index is expected at 2 per cent. Reserve Bank of Australia meeting minutes will be released UK retail price index- Retail price index is expected to have fallen 0.1 per cent month on month in November; while year on year retail price index is expected to have risen to 0.9 per cent in November. UK consumer price index- CPI month on month is expected to have dropped in November on 0.1 per cent. UK PPI core output- PPI core output is believed to have stagnated month on month in November (seasonally adjusted). PPI core output is expected to have dropped 1.2 per cent in November (non-seasonally adjusted). U.S. consumer price index- U.S. CPI month on month is expected to have stagnated in November; while year on year it is expected to have moved up 0.5 per cent. New Zealand current account-GDP ratio- The current account-GDP ratio for Q3 is expected to have come in at -3.5 per cent. 16th December Federal Reserve rate decision- The Fed is expected to raise rtaes for the first time in almost a decade from its record low level. Euro zone Markit PMI Composite- Markit PMI Composite (December) is expected to come in at 54.2, same as the previous reading. Markit manufacturing PMI, again believed to have remained unchanged at 52.8 in December while Markit services PMI is expected to have dipped slightly to 54.1 from the erstwhile 54.2. Euro zone consumer price index- CPI is expected to have fallen month on month to -0.1 per cent in December as against 0.1 per cent recorded earlier; while year on year it is expected to have remained unchanged at 0.1 per cent in December. Core CPI month on month is expected to have fallen 0.2 per cent. UK ILO unemployment rate (3M)- The unemployment rate is expected to have remained unchanged at 5.3 per cent. New Zealand GDP Q3- NZ GDP quarter on quarter is expected to have risen 0.8 per cent from the 0.4 per cent of the previous quarter. While year on year, GDP is expected to come in at 2.3 per cent, lower than the 2.4 per cent recorded in Q3 of the last fiscal. Japan export, import- Japan’s export year on year is expected to have dipped 1.5 per cent in November. Imports dipped 8.3 per cent as compared to last November’s 13.4 per cent. 17th December UK retail sales- Retail sales is expected to have fallen 0.5 per cent month on month in November from the previous 0.6 per cent. Year on year it is believed to have come in at 3 per cent as against 3.8 per cent of the same period last year. For more information, read our latest forex news.