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What is it? This is the earliest look at vital consumer spending data. It's the primary gauge of consumer spending, which accounts for the majority of overall economic activity.

When? At 9:30pm Eastern Time.

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

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The U.S. dollar pushed higher against the yen on Wednesday, boosted by the release of upbeat U.S. economic reports and as ongoing concerns over Greece's financial situation lent broad support to the greenback.

USD/JPY hit 123.23 during U.S. morning trade, the pair's highest since June 26; the pair subsequently consolidated at 123.16, advancing 0.53%.

The pair was likely to find support at 121.91, Tuesday's low and a one-month low and resistance at 123.44, the high of June 22.

Oil prices fell to session lows Wednesday after data showing an unexpected build in U.S. oil stockpiles added to concerns over a global supply glut. On the New York Mercantile Exchange, crude oil for August delivery was last down 2.81% to $57.75 a barrel, from around $58.27 ahead of the report.

U.S. construction spending rose in May to its highest level in just over 6-1/2-years as outlays increased across the board, the latest sign of momentum

Construction spending increased 0.8 percent to an annual rate of $1.04 trillion, the highest level since October 2008, the Commerce Department said on Wednesday.

April's outlays were revised slightly to show a 2.1 percent gain instead of the previously reported 2.2 percent rise.The U.S. dollar pushed higher against the yen on Wednesday, boosted by the release of upbeat U.S. economic reports and as ongoing concerns over Greece's financial situation lent broad support to the greenback.

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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? This is vital economic data released shortly after the month ends. The combination of importance and earliness makes for hefty market impacts. Job creation is an important leading indicator of consumer spending, which accounts for a majority of overall economic activity.

When? At 8:30am Eastern Time.

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

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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:

1. Greece stands alone:

The debt-ravaged country is on its own financially after it defaulted on a $1.7 billion payment to the International Monetary Fund - blocking it from the Fund's resources - and its European bailout expired.

The bankrupt country has asked for a new, third bailout from Europe. All eyes remain fixed on Sunday's referendum when Greeks will be asked to support - or reject - the earlier bailout. The vote could decide its future in the euro.

More meetings to watch today: Eurozone finance ministers will reconvene to consider Greece's latest debt proposals, while the European Central Bank discusses whether to keep its lifeline to Greek banks in place.

2. China stocks:

It was yet another wild day on Chinese markets. The Shanghai Composite spent much of the day in positive territory, before plummeting roughly 5% in the final hour of trading. Volatility has become the norm for Chinese investors in recent weeks, despite efforts by Beijing to stabilize the market, including cutting interest rates to record lows.

 3. Oil slides:

Crude prices took a tumble in electronic trading Wednesday, sinking 1.8% to just above $58 a barrel. Talks between world powers over Iran's nuclear program have been extended to July 7, raising the prospect that sanctions could be lifted and allowing the oil-rich nation to trade with the West. Big oil companies including Royal Dutch Shell (RDSA) have begun to forge business relationships with Iran in case that happens.

4. Economics and earnings:

The monthly U.S. employment report from ADP comes out at 8:15 a.m. ET. On the corporate front, General Mills (GIS) will report ahead of the open.

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What is it? A positive number indicates that more goods and services were exported than imported. Export demand and currency demand are directly linked because foreigners must buy the domestic currency to pay for the nation's exports. Export demand also impacts production and prices at domestic manufacturers.

When? At 9:30pm Eastern Time.

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

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