Here is the key factor to keep in mind today for Euro trades:

• Eurozone Manufacturing PMI: Today’s report on the Eurozone Manufacturing Report will be the final look at the March data. The initial report showed that the Eurozone Manufacturing PMI came in at 51.9 in March and economists expect this level to be confirmed today. The German Manufacturing PMI is expected to remain unchanged at 52.4 and so is the French Manufacturing PMI which was reported at 48.2. France remains in a contraction and poses a drag on the overall index. Economists also expect the Italian Manufacturing PMI to come in at 52.1 which would be an improvement over the originally reported 51.9. This could lead to a positive surprise in the overall Eurozone Manufacturing PMI which could be revised higher and show a level above 52.0. The Euro may be able to rally on the back of a stronger manufacturing report out of the Eurozone.

Here is the key factor to keep in mind today for Japanese Yen trades:

• Bank of Japan Tankan Survey: The Bank of Japan released its first Tankan Survey for 2015 covering the first-quarter. The Tankan Large Manufacturers Index was reported at 12 for the first-quarter. This missed estimates for an increase to 14, but matched the fourth-quarter level of 12. The Outlook was reported at 12 which was above the 9 reported in the fourth-quarter, but missed estimates for an increase to 16. The Tankan Non-Manufacturing Index was reported at 19 for the first-quarter which beat expectations for a level of 17; the same level reported in the fourth-quarter. The Outlook came in at 17, beating the fourth-quarter level of 16 but below expectations which called for an increase to 18. The Tankan Small Manufactures Index was reported at 1 in the first-quarter which missed estimates for a level of 4 and was far below the fourth-quarter’s level of 4. The Outlook was reported at 0 which came in better than the fourth-quarter’s level of -3, but missed estimates for an increase to 4. The Small Non-Manufacturers Index was reported at 3 beating both expectations as well as fourth-quarter data which both came in at 1. The Outlook came in at -1, matching expectations and above the -2 reported in the fourth-quarter. The Tankan Large All Industry Capex Index offered the biggest disappointment and was reported at -1.2%. Economists expected an increase of 0.5%. The fourth-quarter data was revised lower to show an increase of 8.7%. This does not bode well for a stronger Japanese currency and forex traders should account for a weaker Japanese Yen.

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