As global recession fears increase, forex traders pay even more attention to PMI data. Over the past month, manufacturing PMI’s across the globe have come in weaker than expected with a depressed outlook. During the European trading session, forex traders will get a look at final Eurozone services as well as composite PMI data for May. Any further downward revision could pressure the Euro to the downside. Some traders prefer investing in forex during fundamental news releases in order to capture pips from the short-term volatility which often accompanies announcement.

The USDCHF has been descending since the start of May and forex traders will get a double dose of US manufacturing data today which will include the key ISM Manufacturing Index. The prices paid and employment sub-indexes will be closely watched as the headline figure is expected to show an improvement over April. Economists further anticipate that construction spending rebounded from last month’s slump and that vehicle sales increased. Will economists be correct with their assessment and how will this impact the US Dollar?

Economic data released out of Australia this morning showed a further decrease in its manufacturing sector as well as a plunge in job advertisements and a further deterioration of house prices. This caused inflationary pressures to ease. Inventories rose as company profits decreased, but the Australian Dollar was able to advance as a report showed that the Chinese manufacturing sector performed better than expected.

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

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

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

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Here is the key factor to keep in mind today for New Zealand Dollar trades: New Zealand Credit Card Spending: New Zealand Credit Card Spending for March decreased by 0.1%monthly and increased by 5.1% annualized. Forex traders can compare this to New Zealand Credit Card Spending for February which increased by 0.3% monthly and by 6.4% annualized. Here are the key factors to keep in mind today for US Dollar trades:

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

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

Here is the key factor to keep in mind today for British Pound trades:

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

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

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

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

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