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U.S markets climbed as jobless claims plunged, showing further improvement in the labour market. Initial Jobless claims dropped to 265,000, much lower than the expected 300,000 and Continuing Jobless Claims dropped to 2,385K, below the expected 2,420k. In addition, oil prices rebounded and climbed back up to $45/barrel, boosting energy shares.

Asian markets were mixed today. The Nikkei climbed 0.39% despite the Yen strengthening against the dollar.

European markets are lower today after European CPI missed expectations and declined by 0.6%.

Oil dropped to a 6 year low following an inventory report from the EIA. The report showed that supplies in the U.S climbed by 9million barrels over the past week, much above the expected increase of 4.2 million barrels. Yesterday, however, the price rebounded upwards and is currently trading around $45/barrel. As fundamentals remain weak we do not expect this bullish sentiment to continue.

Gold dropped further following the release of strong labour data in the U.S. The price has since climbed upwards but is still leaning towards the worst week in 2 months. Traders should watch GDP data which will be released at 1.30 PM (GMT).

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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) Even More Earnings

Chevron (CVX), MasterCard (MA) and Mattel (MAT) are reporting earnings before the opening bell.

Chevron earnings will be a particular focus as investors look for signs of how rock-bottom crude prices are affecting the company's plans. Mattel shares tumbled nearly 5% premarket after the company said sales and profits fell in the fourth quarter. Barbie sales dropped 12%.

U.S. stock futures were sharply lower ahead of the open.

On Thursday, the Dow Jones industrial average rose 1.3%, while the S&P 500 and the Nasdaq gained 1.0%.

2) Amazon Jumps

Online retail giant Amazon (AMZN, Tech30) reported earnings Thursday that beat Wall Street's expectations. Its shares soared by more than 11% in premarket trading. Google (GOOG) shares were also firmer premarket.

3) A little Bit of Data

The University of Michigan will report the final version of its January consumer sentiment index at 9:55am ET.

4) International Markets Overview

European markets opened firmer on Wall Street's gains, but turned lower in morning trade.

Greek stocks were steady, with banks continuing to recover after slumping earlier this week on fears about the future of the country's international bailout. Greek Prime Minister Alexis Tsipras will meet eurozone officials in Athens Friday for the first time since winning Sunday's election.

Russia slashed interest rates to 15% from 17% in a bid to prevent an even deeper recession.

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What is it? It checks the annualized change in the inflation-adjusted value of all goods and services produced by the economy.

It's the broadest measure of economic activity and the primary gauge of the economy's health.

When? January 30^th 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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What is it? It checks the change in the inflation-adjusted value of all goods and services produced by the economy.

It's the broadest measure of economic activity and the primary gauge of the economy's health.

When? January 30^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.

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? January 30^th at 5:00am Eastern Time.

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

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The FOMC statement was released yesterday and showed optimism regarding the US economy. Members of the committee expressed belief that the economy is improving at a ‘solid’ pace and that the labour market conditions are advancing making the possibility of hiking interest rates during the first half of the year more likely. US markets finished lower.

Asian markets declined across the region. The Nikkei lost 1.06% despite the fact that the Dollar climbed against the Yen due to weaker than expected earnings.

European markets are mixed today.

Oil dropped to a 6 year low following an inventory report from the EIA. The report showed that supplies in the US climbed by 9million barrels over the past week, much above the expected increase of 4.2 million barrels. The stronger Dollar also affects the price so traders should focus on US data including Pending Home Sales later today.

Gold declined and reached a low of 1,264 following the FOMC statement. It is widely expected that interest rates will now be increased in June reducing the appeal of the safe haven asset. In addition, the metal moves inversely to the Dollar which is appreciating on the back of strong data.

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