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

• British Markit Manufacturing PMI: Economists expect a slight increase in the UK manufacturing sector for April. The Markit Manufacturing PMI is called higher to 54.6 in April from the 54.4 reported in March. Given the overall global economic slowdown this would be a positive report.
• British Mortgage Approvals: The UK housing sector is expected to enjoy a little upswing in March with an increase in mortgage approvals to 62,500 from the 61,800 reported in February. This improvement would be a welcome development.
• British Net Consumer Credit: The UK consumer likely borrowed more money in March as compared to February. Economists expect an increase to £0.8 billion in March, up £0.1 billion as compared to the £0.7 billion reported in February. An increase in consumer credit may suggest an increase in consumer activity which is vital for economic activity.

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

• Japanese National CPI: Inflation picked up slight in March as the Japanese National CPI rose to 2.3% annualized. This beat estimates which called for a level of 2.2% matching the report released in February. The annualized core CPI, the CPI excluding food and energy, rose by 2.1% in March annualized. This beat estimates for an increase of 2.0% matching February’s increase of 2.0%. The Japanese National CPI excluding fresh food rose by 2.2% in March annualized. Economists expected an increase of 2.0%, the same increase reported in February.
• Japanese Household Spending: The Japanese consumer drastically cut spending in March. Household spending plunged 10.6%. Despite the steep drop it came in better than the contraction of 11.8% economists expected. Forex traders can compare this to the 2.9% contraction reported in February. Overall, Japanese household spending points towards a dire economic picture in Japan.
• Japanese Jobless Rate: Despite economic reports which suggest a severe slowdown in the Japanese economy, the employment rate decreased to 3.4% in March. Economists expected an employment rate of 3.5% which would have matched February’s data. The job-to-applicant ratio remained unchanged at 1.15 in March.

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