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

• Eurozone PMI: Forex traders received a very important economic report today out of the Eurozone which gave a snapshot of a major part of the world’s largest economy. Today’s Eurozone PMI was the preliminary PMI and revisions to this data next month cannot be ruled out. The Eurozone Composite PMI was reported at 53.7 for the month of July. This came in below economists’ expectations for a reading of 54.0 and translates into a bigger than expected slowdown from the 54.2 which was reported in June. The Eurozone Manufacturing PMI was reported at 52.2 for the month of July. This came in below economists’ expectations for a reading of 52.5 and translates into a bigger than expected slowdown from the 54.5 which was reported in June. The Eurozone Services PMI was reported at 53.8 for the month of July. This came in below economists’ expectations for a reading of 54.2 and translates into a bigger than expected slowdown from the 54.4 which was reported in June. The French and the German Composite PMI’s were reported at 51.5 and 53.4 for the month of July. This came in below economists’ expectations for a reading of 53.3 and 53.9 and translates into a bigger than expected slowdown from the 53.3 and 53.7 which were reported in June. The French and the German Manufacturing PMI’s were reported at 49.6 and 51.5 for the month of July. This came in below economists’ expectations for a reading of 50.8 and 51.9 and translates into a bigger than expected slowdown from the 50.7 and 51.9 which were reported in June. The French and the German Services PMI’s were reported at 52.0 and 53.7 for the month of July. This came in below economists’ expectations for a reading of 53.8 and 54.0 and translates into a bigger than expected slowdown from the 54.1 and 53.8 which were reported in June.

Here are the key factors to keep in mind today for US Dollar trades:

• US Markit Manufacturing PMI: The final reading for the Markit Manufacturing PMI for July is expected to confirm the initially reported level of 53.6.
• US New Home Sales: Forex traders will another look at the health of the US housing market today in what will be the final market moving economic report for this week. Expectations call for new home sales to post a contraction of 0.1% for June. This can be compared to the 2.2% increase which was reported in May. As far as actual units are concerned the number is expected to remain unchanged at 546,000 homes.

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