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

• Eurozone GDP Report: A very important economic report will be released today and forex traders should take note of the data which will be released today. Economists expect the Eurozone GDP to rise by 0.4% in the first-quarter of 2015 and by 1.0% annualized. This can be compared to the 0.3% increase reported in the fourth-quarter of 2014 and the annualized increase of 0.9%. This could send the Euro into rally-mode. Prior to the Eurozone release forex traders will get the GDP for France, Germany and Italy. The French GDP is expected to increase by 0.4% in the first-quarter and by 0.7% annualized. This can be compared to the 0.1% increase reported in the fourth-quarter of 2014 and the annualized increase of 0.2%. The German GDP is expected to increase by 1.3% in the first-quarter and by 1.2% annualized. This can be compared to the 1.6% increase reported in the fourth-quarter of 2014 and the annualized increase of 1.4%. The Italian GDP is expected to show no gain in the first-quarter and contract by 0.2% annualized. This can be compared to the flat reading reported in the fourth-quarter of 2014 and the annualized contraction of 0.5%.
• Eurozone Industrial Production: Economists expected industrial production in the Eurozone grinded to a standstill in March, but posted an increase of 1.9% annualized. Forex traders can compare this to the 1.1% increase reported in February monthly and 1.6% increase annualized. The annualized increase could help the expected Eurozone GDP figures to rally the Euro.

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

• US Advanced Retail Sales: Expectations call for an increase of 0.2% in advanced retail sales for April which would be a sharp slowdown as compared to the 0.9% increase reported in March. The bright spot in today’s report could lie in the retail sales less auto category which is expected to increase by 0.5% in April. Forex traders can compare this to the 0.4% increase reported in March. Retail sales in the control group are also expected to increase by 0.5% in April against a 0.4% increase reported in March.
• US Business Inventories: Economists expect an increase of 0.2% in business inventories in March which should be compared to the 0.3% increase reported in February. The inventory drawdown could signal a decrease in output unless sales are on the rise as well. Forex traders may focus on advanced retail sales.

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