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

• US Markit Composite PMI/Services PMI: Forex traders will receive the final look at the Markit Composite PMI and the Markit Services PMI for March. Initially the Markit Composite PMI was reported at 58.5 while the Markit Services PMI was reported at 58.6 for March. Economists expect no improvement in the data and predict that the Markit Composite PMI will come in at 58.5 while the Markit Services PMI will come in at 58.6. Given the economic disappointments reported out of the US, today’s report faces risks to the downside and could deliver yet another report pointing towards economic weakness out of the US. Forex traders should be prepared for data below expectations.
• US Fed Labor Market Conditions Index: Many forex traders may opt to ignore this report completely, but given the recent set of disappointment in the US labor market which has not performed as well as expected in the first three months of the year this report is gaining importance. US Fed Labor Market Conditions Index was reported at 4 in February and forex traders should be prepared to see a much lower figure for March.
• US ISM Non-Manufacturing PMI: Today’s ISM Non-Manufacturing PMI will be the biggest market moving event from a fundamental perspective. Economists expect the ISM Non-Manufacturing PMI, which covers the service sector, to slow down to 56.5 in March. This can be compared to the 56.9 reported in February. Forex traders should look out for the following indicators which are part of the report: ISM Non-Manufacturing Employment (which could decrease significantly), ISM Non-Manufacturing Business Activity (which is expected to fall to 59.2), ISM Non-Manufacturing Prices Paid (which will give an indication on inflationary/deflationary pressures in the economy) and ISM Non-Manufacturing New Orders (which can give a hint about future expectations).

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

• Canadian Ivey PMI: The Canadian Ivey PMI is expected to increase to 51.0 in March. Forex traders can compare this with the 49.7 which was reported in February. Keep in mind that any level above 50.0 points towards expansion and any level below 50.0 points towards contraction.

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