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What is it? Although it's generally viewed as a lagging indicator, the number of unemployed people is an important signal of overall economic health because consumer spending is highly correlated with labor-market conditions.

When? At 6:45pm Eastern Time.

Trading Tip: If the actual number is higher than the forecast, you can expect the NZD to rise.

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What is it? It's a leading indicator of the nation's trade balance with other countries because rising commodity prices boost export income. The weighted-average price of the 9 dairy products sold at auction are sampled and then compared to the previous sampling.

When? Tentative

Trading Tip: If the actual number is higher than the forecast, you can expect the NZD to rise.

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What is it? It's a leading indicator of economic health - businesses react quickly to market conditions, and their purchasing managers hold perhaps the most current and relevant insight into the company's view of the economy. Survey of about 170 purchasing managers which asks respondents to rate the relative level of business conditions including employment, production, new orders, prices, supplier deliveries, and inventories.

When? At 4:30am Eastern Time.

Trading Tip: If the actual number is higher than the forecast, you can expect the GBP to rise.

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What is it? It's among the primary tools the RBA Reserve Bank Board uses to communicate with investors about monetary policy. It contains the outcome of their decision on interest rates and commentary about the economic conditions that influenced their decision. Most importantly, it discusses the economic outlook and offers clues on the outcome of future decisions.

When? At 12:30am Eastern Time.

Trading Tip: If the announcement will hint towards higher interest rates, you can expect the AUD to rise.

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What is it? The rate decision is often priced in the market so it tends to be overshadowed by the RBA Rate Statement which is focused on the future. Short term interest rates are the paramount factor in currency valuation - traders look at most other indicators merely to predict how rates will change in the future.

When? At 12:30am Eastern Time.

Trading Tip: If the actual number is higher than the forecast, you can expect the AUD to rise.

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1) Wall Street was lower on the first trading day in August as oil prices touched a six-month low and data showed U.S. economy lost some momentum at the end of the second quarter.

2) Oil prices hit six-month lows earlier in the day, knocked by fresh evidence of growing oversupply and data highlighting slowing demand in China, leaving crude prices on course for their weakest third-quarter performance since the financial crisis in 2008.

3) The euro backed off session lows against the dollar on Monday following the release of lackluster data on U.S. manufacturing activity and consumer spending.

EUR/USD was last at 1.0980, up from lows of 1.0941.

4) Greece's stock market closed with heavy losses on Monday after a five-week shutdown brought on by fears the country was about to be dumped from the euro zone.

Bank shares fell 30 percent before loss-limits kicked in to stop investors selling any more.

5) U.S. natural gas prices edged higher on Monday, but held near the previous session's three-week low as forecasts for mild weather across the U.S. in the weeks ahead dampened demand expectations for the fuel.

6) U.S. consumer spending in June advanced at its slowest pace in four months as demand for automobiles softened, suggesting the economy lost some momentum at the end of the second quarter.

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Here are 4 tips for today's trading. This will help you decide where you should invest and what to look for:

It's Monday morning and Greek markets are tanking, down about 20%.

It can only get better from here, right?

1) Greek market freak out

Greece's stock market reopened after being shut for more than a month due to the country's financial crisis.

Traders started selling immediately and the overall market dropped by 23% in the first few moments. Shares in the country's big banks fell by about 30%.

A bailout for Greece -- worth about 86 billion euros ($94 billion) -- has been agreed in principle with Greece's eurozone partners. But the finer details still have to be hammered out.

Greek markets have been highly volatile this year.

2) Another fall in China

Chinese stocks continued their recent move lower Monday.

The Shanghai Composite dipped by 1.1% and the Shenzhen index dropped 2.7% after fresh data showed China's factory sector slumped in July.

Chinese markets were the best performers earlier in the year, but have since come back to earth. The Shenzhen has fallen by about 35% since mid June, having soared by 120% since January.

The weak manufacturing data from China is likely spooking oil traders. Crude oil futures are down by nearly 2% to trade around $46.40 a barrel.

All Asian markets -- except for India -- dropped Monday. 

3) Other markets calm

U.S. stock futures are little changed Monday morning. European markets are mostly edging up in early trading, although London's FTSE is flat. 

4) Earnings

Companies including Tyson Foods (TSN), Loews (L) and Frontier Communications (FTR) will report quarterly earnings ahead of the open.

Allstate (ALL), Chegg (CHGG) and Denny's (DENN) are among the companies reporting this afternoon once markets are closed.

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