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What is it? It checks the level of a diffusion index based on surveyed purchasing managers in the manufacturing industry.

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.

When? January 22^nd at 8:45pm Eastern Time.

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

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What is it? It checks the number of individuals who filed for unemployment insurance for the first time during the past week.

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. Unemployment is also a major consideration for those steering the country's monetary policy.

When? January 22^nd at 8:30am Eastern Time.

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

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What is it? The press conference is about an hour long and has 2 parts - first a prepared statement is read, then the conference is open to press questions. The questions often lead to unscripted answers that create heavy market volatility. The press conference is webcasted on the ECB website with a slight delay from real-time.

It's the primary method the European Central Bank uses to communicate with investors regarding monetary policy. It covers in detail the factors that affected the most recent interest rate and other policy decisions, such as the overall economic outlook and inflation. Most importantly, it provides clues regarding future monetary policy.

When? January 22^nd at 8:30am Eastern Time.

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

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What is it? It checks the interest rate on the main refinancing operations that provide the bulk of liquidity to the banking system.

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? January 22^nd at 7:45am Eastern Time.

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

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Yesterday, the GBP/USD pair increased up towards its resistance level, however once the pair test the resistance to break above, the pair lost momentum and declined back.

The movement remained sideways before today’s UK labor data releases.

At 9:30am GMT the UK Claimant Count Change, Unemployment rate and Average Earning Index will come out. The prediction is to see slightly worse figures that last month which may push the pair back to the support line. The movement is sideways.

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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) ECB Countdown

The European Central Bank is widely expected to unveil plans for massive bond purchases when it meets on Thursday. A Fed-style quantitative easing program is the last big weapon in the central bank's arsenal to boost the region's ailing economy and revitalize financial markets.

2) Gold Rallies

Anticipation of a move by the ECB is driving up gold prices. The precious metal is trading above $1,300 an ounce -- its highest level 5 months. Gold benefits from bets from money printing as the commodity is seen as a safe store of value and a hedge against inflation.

3) Earnings & Economics

American Express (AXP) and eBay (EBAY, Tech30) will post earnings after the closing bell. On the economic front, the US Census Bureau reports monthly housing starts and building permits at 8:30am ET.

4) Market Recap

US markets notched slim gains Tuesday, with the S&P 500 up 0.2% and the Nasdaq adding 0.4%. The Dow Jones industrial average was steady.

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What is it? It's among the primary method the BOC uses to communicate with investors regarding monetary policy. It covers in detail the factors that affected the most recent interest rate decision, such as the overall economic outlook and inflation. Most importantly, it provides clues regarding future monetary policy.

When? January 21^st at 11:15am Eastern Time.

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

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