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

• US GDP: Forex traders will get a second look at the fourth-quarter GDP figure. The initial report showed an increase of 2.2% which missed expectations for an increase closer to 3.0%. Now economists expect the new report to show that the US GDP expanded by 2.4% in the fourth-quarter. Personal consumption is expected to come in at 4.4%. This can be compared to the previous level of 4.2%. The Core Personal Consumption Expenditure Index is expected to remain unchanged at 1.1% and so is the GDP Price Index which stood at an increase of 0.1%. Given that so much rides on personal consumption in the expected upward revision, forex traders may be presented with yet another disappointment.
• University of Michigan Consumer Confidence Index: Economists expect the final reading for the University of Michigan Consumer Confidence Index in March to be revised upward to a level of 92.0 from the initially reported level of 91.2.

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

• Japanese National Consumer Price Index: The annualized Japanese National Consumer Price Index for February was reported at 2.2%. This missed economists’ estimates for a level of 2.3% and forex traders can compare this to January’s level of 2.4%. This was an unwelcome development for the Bank of Japan. Excluding fresh food the Japanese National Consumer Price Index rose only 2.0% in February, missing estimates for an increase of 2.1% and down from January’s level of 2.2%. Excluding food and energy the Japanese National Consumer Price Index rose 2.0% as well, again missing estimates for an increase of 2.1% and below the 2.2% increase reported in January.
• Japanese Household Spending: The Japanese Consumer continued to scale back on household spending which dropped 2.9% in February annualized. Economists expected a contraction of 3.2% which can be compared to January’s plunge of 5.1%.
• Japanese Jobless Rate and Job-To-Applicant Ratio: The Japanese labor market performed mixed in February as the jobless rate decreased by 0.1% to 3.5% from January’s level of 3.6%, but the Job-to-Applicant ratio increased by 0.01 to 1.15 in February from January’s level of 1.14. Both reports matched what economists expected for January.

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