By Marc ChandlerNEW YORK ( BBH FX Strategy) -- The shockingly weak eurozone flash PMI, especially the sub-50 reading for German manufacturing, is the main focus today. New orders have been weak and the Bloomberg consensus does expect the eurozone economy to contract not only in the first quarter but in Q2 and Q3 as well. Many participants seem to have confused the dramatic equity market rally in Q1 and reduced tail risks with economic strength. There is also a bit of a double-whammy for Germany. It had diversified its exports away from the periphery in Europe toward Asia, especially China just as fears of a harder landing -- more pronounced slowdown -- have been "confirmed" by the drop in the HSBC flash manufacturing PMI.