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

• British Industrial Production and British Manufacturing Production: Forex trader will receive an important economic report today about the health of the industrial as well we manufacturing sector in the UK. Economists expect an increase of 0.1% in industrial production for April monthly and an annualized increase of 0.6%. This can be compared to the 0.5% increase reported in in industrial production which was reported in March and the annualized increase of 0.7%. Manufacturing production is expected to increase by 0.1% monthly in April and post an annualized increase of 0.4%. Forex traders can compare this to the 0.4% increase reported in March monthly and the annualized increase of 1.1%. Caution is urged heading into the release of this report as the monthly expectations for both industrial as well as manufacturing production linger dangerously close to a flat reading or an outright contraction.
• British NIESR GDP Estimate: A potentially market moving report will be released during the afternoon trading session with the NIESR GDP estimate for May. This report showed an increase of only 0.4% for April and any reading below it for May is likely to have a bearish impact on the British currency. Forex traders should monitor price action right after this report which is set to cause erratic trading once published.

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

• Japanese Domestic Corporate Price Index: The monthly trend in the Japanese Domestic Corporate Price Index remains to the upside as it rose by 0.3% in May. Economists expected an increase of 0.2% which can be compared to the 0.1% increase reported in April. The annualized Domestic Corporate Price Index contracted by 2.1%. This was slightly better than the 2.2% contraction expected by economists and matched the 2.1% contraction reported in April.
• Japanese Machine Orders: Forex traders received a positive surprise out of the Japanese economy during the Asian trading session. Machine orders rose by 3.8% in April monthly and posted an annualized increase of 3.0%. This was much better than the 1.8% monthly contraction and the 1.4% annualized contraction expected by economists and compares to the 2.9% and 2.6% increase reported in March.

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