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Yesterday, US markets rallied at the open as oil prices rebounded slightly.  However, the commodity failed to hold onto gains and fell back down, reigniting bearish sentiment.

Asian markets declined across the region. The Nikkei lost 2.01%, reaching a 6 week low. The Yen strengthened following the reelection of the current government, led by Prime Minister Abe and investors welcomed stability.

European markets are mixed today due to a number of factors. Investors are selling off riskier assets as they focus on oil prices and watch the Ruble’s collapse following the interest rate hike to 17%.

Oil reached a new 5 year low as OPEC made no indication that they would cut production despite the price dropping far below $60/barrel. Separately, the UAE Oil minister stated that OPEC would not cut production until the price falls as low as $40/barrel. The price is now rebounding slightly after positive data from across Europe. Traders should focus on inventory data from the API which will be released at 9:30pm GMT.

Gold dropped strongly but has since regained all losses as traders anticipate the FOMC meeting and its statement on Wednesday. Russia’s decision to hike rates has also brought uncertainty into the market increasing demand for safe haven assets.

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What is it? It checks the change in the average price of dairy products sold at auction.

It's a leading indicator of the nation's trade balance with other countries because rising commodity prices boost export income.

When? December 16^th.

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

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What is it? It checks the annualized number of new residential building permits issued during the previous month.

It's an excellent gauge of future construction activity because obtaining a permit is among the first steps in constructing a new building.

When? December 16^th at 8:30am Eastern Time.

Trading Tip: If the 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 total value of sales made by manufacturers.

It's a leading indicator of economic health - manufacturers are quickly affected by market conditions, and changes in their sales can be an early signal of future activity such as spending, hiring, and investment.

When? December 16^th at 8:30am Eastern Time.

Trading Tip: If the number is higher than the forecast, you can expect the CAD 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) Fear is Here

Markets are extremely fearful as oil prices fall off a cliff and Russia struggles to deal with a full-blown currency crisis. Until recently, the index had been stuck in neutral for weeks.

Despite all that, US stock futures were edging higher and European markets reversed early losses to trade with small gains. Nearly all Asian markets closed with losses.

2) Oil Keeps Falling

Crude prices in the US are continuing to fall, with oil futures declining by about 3% overnight to trade near $54 per barrel.

The latest dip is being blamed on China, where new data from HSBC shows sentiment among key managers in the manufacturing sector dipped to a seven-month low in December. This data raises red flags about economic growth and demand for oil in the world's biggest importer.

The unexpectedly sharp fall in prices this year -- down by more than 45% since June -- is wreaking havoc on many oil-producing nations and creating unexpected knock-on effects around the world.

3) Panic in Russia

The Russian currency continues to fall Tuesday despite a shock overnight rise in interest rates to 17% from 10.5%. The ruble has fallen by roughly 50% versus the US dollar since the start of the year.

Russia, which relies heavily on its energy sector, is getting hurt by falling oil prices and tit-for-tat sanctions with various Western nations.

"The unease in Russia was a factor in causing nervous trade in many markets on Monday," said Simon Smith, a chief economist at FxPro in London.

4) Earnings and Economics

Darden Restaurants (DRI), the owner of chains like the Olive Garden and LongHorn Steakhouse, will report earnings before the opening bell.

The US government will release monthly data on housing starts and building permits at 8:30am ET.

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What is it? It checks the level of a diffusion index based on surveyed German institutional investors and analysts.

It's a leading indicator of economic health - investors and analysts are highly informed by virtue of their job, and changes in their sentiment can be an early signal of future economic activity.

When? December 16^th at 5:00am Eastern Time.

rading Tip: If the number is higher than the forecast, you can expect the EUR 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? December 16^th at 4:30am Eastern Time.

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

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What is it? Governor Carney is due to hold a press conference about the Financial Stability Report, in London.

As head of the central bank, which controls short term interest rates, he has more influence over the nation's currency value than any other person. Traders scrutinize his public engagements as they are often used to drop subtle clues regarding future monetary policy.

When? December 16^th at 4:15am Eastern Time.

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

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