The latest set of PMI releases for France, Germany and the Euro-zone as a whole will be extremely important on Tuesday. The previous data was significantly weaker than expected, reviving concerns surrounding the Euro-zone economy. A fresh downturn would trigger extremely strong pressure on the ECB to cut interest rates.
Net risk: Euro negative on fresh deterioration throughout the Euro area.
Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.