This week market participants are getting a flurry of global economic data that has been and continues to have the potential to move the currency markets.

The U.S. dollar (UUP, quote) is under pressure this morning. Against the Japanese Yen (FXY, quote) U.S. dollar is now trading at 4 day low and after economic data out in the Euro Zone’s private sectors suggesting a positive acceleration has renewed strength in the Euro (FXE, quote).

Economic data out of the Euro Zone has shifted traders to a risk on mode with manufacturing purchasing managers’ index ticked higher to 53.3, overall region PMI jumped from 52.2 to 53.1.

And let’s not forget the Euro Zone’s largest economy; Germany is accelerating their economy, adding icing to the cake.

Later today we will get a look at the following key economic data report, U.S. Home Sales, Canada Core Retail Sales. Tomorrow we get Germany IFO Business, U.S. Core Durable Goods and Unemployment Claims. Also ECB President Draghi Speaks at 5am EDT.

Wrapping up the week on Friday we get U.K. Retail Sales and U.S. Consumer Sentiment.

Bottom Line: look for U.S. dollar remain weak to flat against the majors going into next week’s G7 meeting Monday. Word caution for Yen traders holding positions across the weekend, Japan will have a banking holiday on Monday.   The U.S. dollar move plays well for our currency position in Option Service Portfolio.