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

• US ADP Employment Report: Today’s ADP report will give an insight into what forex traders should expect from tomorrow’s NFP report. The NFP report will be released one day earlier as usual as the US will observe Independence Day on Saturday and markets will be closed on Friday. Expectations call for the addition of 218,000 jobs June. Forex traders can compare this to the 201,000 jobs which were added in May.
• US ISM Manufacturing Index: Forex traders will receive the ISM Manufacturing Index for June today. Expectations call for an increase to 53.2 in June, up 0.4 points from May’s 52.8. The manufacturing sector only accounts for about one-third of all economic activity, but it does create high quality jobs and therefore remains a very important aspect of the US economy. ISM Prices Paid are expected to rise to 51.0 in June, up 1.5 points from the 49.5 reported in May.
• US Construction Spending: Economists expect an increase of 0.4% in construction spending for May monthly. This compares to the 2.2% increase which was reported in April. The US Dollar could feel the impact of the sharp slowdown.

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

• Japanese Tankan Survey: The all-important Tankan Survey was published this morning in Japan covering the second-quarter. The Tankan Large Manufacturers Index came in at 15 for the second-quarter. Economists expected a level of 12 which would have matched the 12 reported in the first-quarter. The Tankan Large Manufacturers Outlook was reported at 16, beating expectations for a level of 14 which can be compared to the 10 reported in the first-quarter. The biggest positive surprise came from the Tankan Large All Industry Capex which rose 9.3% in the second-quarter. Economists expected an increase of 5.3% which forex traders can compare to the 1.2% contraction reported in the first-quarter. The Tankan Non-Manufacturing Index rose to 23 in the second-quarter which beat expectations for an increase to 22 from the 19 reported in the second-quarter. The Tankan Non-Manufacturing Outlook was reported at 21, missing expectations for an increase to 23 from the 17 reported in the first-quarter.

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