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What is it? ECB President Draghi is due to testify on monetary policy before the European Parliament's As head of the ECB, which controls short term interest rates, he has more influence over the euro's value than any other person. Traders scrutinize his public engagements as they are often used to drop subtle clues regarding future monetary policy.

When? March 23^rd at 10:00am Eastern Time.

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

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EUR/USD fell to 1.0655 earlier following the release of the German Producer Price Index (MoM). The index, which measures the change in the price of goods sold by manufacturers, came lower (0.1%) than expectations. Traders should focus on the European Currency Account data and the EU Economic Summit. European officials are to discuss the Greek debt crisis and whether new bailout would be introduced. In the long term, the currency pair could weaken due to the stimulus program introduced by the European Central Bank. The program, which includes massive asset purchases, has a bearish impact on the euro and may weaken the currency pair.

AUD/USD rose to 0.7693 earlier following Reserve Bank of Australia Governor Steven’s speech. Stevens said that the economic recovery in the U.S. has a positive impact on Australia and added that the Australia’s current interest rates do not restrict economic growth. The AUD/USD reached its lowest level since 2009 earlier this month. The currency pair may weaken in the long term due to the looming interest rate hike in the U.S. The Federal Reserve opened the door for interest rate hikes by removing the word “patience” from its policy statement. This could strengthen the U.S. dollar and have a bearish impact on the currency pair. Traders should focus on FOMC Member Dennis Lockhart’s speech later today. Lockhart may indicate when U.S. interest rates would increase.

Oil is traded at 45.30 after having reached its lowest level (42.01) since March 2009 on Thursday. The prospect of an agreement between the West and Iran means that prices could decline in the long run. Such agreement would allow Iran to export approximately a million barrels per day.  Also, the price of the commodity could decline due to the massive supplies by OPEC members. U.S. oil production rose significantly while Saudi Arabia oversupplies the market.

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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. Bright day?

U.S. stock futures are pushing higher, indicating markets could recover after a relatively down day on Thursday.

Over the last trading session, the Dow Jones industrial average dropped by 117 points and the S&P 500 fell 0.5%. But the Nasdaq edged up by 0.2%.

2. International markets

Across the pond, European markets are moving up in early trading. Asian markets ended with mixed results.

3. Earnings

A handful of companies are reporting earnings ahead of the open, including Tiffany & Co (TIF), Darden Restaurants (DRI) and KB Home (KBH).

Shares in Nike (NKE) are rising after investors welcomed their latest quarterly earnings.

4. Cementing a deal

After a lot of back and forth, Holcim (HCMLY) and Lafarge (LFRGY) have agreed new terms for a mega merger. Nearly a year ago, the two European cement giants announced plans to create the world's biggest construction materials group.

On Monday, the original deal crumbled. Now the companies say the merger is back on, and shares in both firms are rising. Lafarge stock is up by 3.5%. Holcim shares are up by about 1%

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What is it? Lockhard is due to speak about monetary policy and the economic outlook at the Georgia Law Review Symposium, in Athens. Audience questions expected.

Federal Reserve FOMC members vote on where to set the nation's key interest rates and their public engagements are often used to drop subtle clues regarding future monetary policy.

When? March 20^th at 10:20am Eastern Time.

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

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What is it? It checks the change in the total value of sales at the retail level, excluding automobiles.

Automobile sales account for about 20% of Retail Sales, but they tend to be very volatile and distort the underlying trend. The Core data is therefore thought to be a better gauge of spending trends.

When? March 20^th at 8:30am Eastern Time.

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

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What is it? It checks the change in the price of goods and services purchased by consumers, excluding the 8 most volatile items.

Consumer prices account for a majority of overall inflation. Inflation is important to currency valuation because rising prices lead the central bank to raise interest rates out of respect for their inflation containment mandate.

When? March 20^th at 8:30am Eastern Time.

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

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