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What is it? Volatile items account for about a quarter of CPI but they tend to be very volatile and distort the underlying trend. The Bank of Canada pays most attention to the Core data - so do traders. This is among the few non-seasonally adjusted numbers reported on the calendar, as it's the calculation most commonly reported. 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? 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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1. Manufacturing activity in the Philadelphia-region expanded at the slowest pace in four months in July, dampening optimism over the U.S. economic outlook, official data showed on Thursday.

In a report, the Federal Reserve Bank of Philadelphia said that its manufacturing index deteriorated to a reading of 5.7 this month from June's reading of 15.2. Analysts had expected the index to fall to 12.0 in July.

2. U.S. stocks opened higher on Thursday as investors cheered Greek parliamentary approval of a bailout plan and on strong quarterly reports from U.S. bluechip companies.

The Dow Jones industrial average (DJI) rose 68.55 points, or 0.38 percent, to 18,118.72. The S&P 500 (SPX) gained 10.79 points, or 0.51 percent, to 2,118.19 and the Nasdaq composite (IXIC) added 37.31 points, or 0.73 percent, to 5,136.25.

3. Crude oil futures rebounded from the previous day\'s steep decline on Thursday, but gains were limited amid ongoing concerns over a global supply glut.

On the ICE Futures Exchange in London, Brent oil for September delivery tacked on 60 cents, or 1.04%, to trade at $57.72 a barrel during U.S. morning hours.

4. The European Central Bank on Thursday increased its emergency lending to Greek banks by €900 million and added that it is operating under the assumption that Greece will remain in the euro zone.

Speaking at a press conference after the bank’s decision to keep euro area interest rates on hold at record lows, ECB President Mario Draghi said several positive things have happened to allow the increase in emergency liquidly assistance.

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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:

Markets are looking perky after Greece moved one step closer to securing a massive new bailout.

Global markets are rising and U.S. stock futures were also pushing higher.

1) Greece votes "Yes"

The Greek parliament backed sweeping economic reforms needed to access a much-needed bailout worth up to $96 billion, after lengthy debate on Wednesday. Fiery protests erupted in Athens ahead of the vote on the measures, which were broadly rejected by the Greek people in a referendum earlier this month.

Now lawmakers in several eurozone parliaments -- including Germany's on Friday -- must approve the bailout plan.

And here's what to look out for Thursday: European finance ministers will discuss a short-term cash injection for Greece to keep it afloat while the bailout details are negotiated, and the European Central Bank will discuss whether to provide more support for Greece's cash-starved banks.

2) Earnings & economics

Earnings reports are pouring in today. Citigroup (C), Goldman Sachs (FADXX) and UnitedHealth (UNH) post quarterly reports before the market opens. Domino's Pizza (DPUKY) and eBay (EBAY, Tech30) are also expected to report this morning.

Google (GOOG) will deliver its earnings after the close.

The U.S. labor department releases weekly unemployment claims data at 8:30 a.m. ET. Recent reports show unemployment claims are increasing, rising from 15-year lows seen earlier this year.

Google (GOOG), LG (LPL) and Barbie-manufacturer Mattel (MAT) are reporting in the afternoon, along with oil field services giant Schlumberger (SLB).

3) Stock market movers

Watch Netflix (NFLX, Tech30) shares today. Shares are surging 12% premarket after yesterday's impressive earnings report. The internet video streaming company added 3.3 million new customers last quarter, beating its own projection of 2.5 million.

4) International markets update

Greek optimism is driving European markets higher in early trading. Germany's DAX and France's CAC put on 1.3%. In the U.K., the FTSE index rose 0.6%.

Shares in Rio Tinto (RTNTF) underperformed the broader London market, losing 0.5%, after the miner cut its 2015 guidance for iron ore shipments.

Asian markets ended with gains. Japan's benchmark Nikkei index added 0.7% and China's Shanghai Composite put on 0.5%.

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What is it? It's a leading indicator of economic health - businesses react quickly to market conditions, and changes in their sentiment can be an early signal of future economic activity such as spending, hiring, and investment. A survey of about 250 manufacturers in the Philadelphia Federal Reserve district which asks respondents to rate the relative level of general business conditions.

When? At 10:00am 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? Fed Chair Feb 2014 - Feb 2018. Fed Governor Oct 2010 - Jan 2024. The testimony usually comes in 2 parts: first she reads a prepared statement (a text version is made available on the Fed's website at the start), then the committee will hold a question and answer session. Since the questions are not known beforehand they can make for some unscripted moments that lead to heavy market volatility.

When?  At 10:00am Eastern Time.

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

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