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What is it? Fed Chair Yellen is due to participate in a panel discussion about finance, governance, and society at the Institute for Economic Thinking conference on Finance and Society, in Washington DC.

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

When? May 6^th at 9:15am 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 estimated change in the number of employed people during the previous month, excluding the farming industry and government.

Job creation is an important leading indicator of consumer spending, which accounts for a majority of overall economic activity.

When? May 6^th at 8:15am Eastern Time.

Trading Tip: If the actual number is higher than the forecast, you can expect the USD 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. Crude creeping up

Oil prices continue to push higher Wednesday. Crude futures are currently rising by about 2% to trade around $61.80 per barrel.

The price of a barrel topped $60 on Tuesday, hitting its highest level so far this year.

We could also see brisk trading later this morning when crude inventory data from the U.S. is released at 10:30 a.m ET.

2. Earnings

Anheuser-Busch InBev (AHBIF), SodaStream (SODA) and Wendy's (WEN) are reporting ahead of the open.

After the close, markets will hear from 21st Century Fox (FOX), Tesla (TSLA), Whole Foods (WFM), Transocean (RIG) and Keurig Green Mountain (GMCR).

Shares in BMW (BAMXY) are steady in Europe after the automaker reported its latest quarterly results.

Shares in British grocery chain J Sainsbury (JSAIY) are declining by about 1.5% after the firm reported worse-than-expected results and cut its dividend by 24%. The company, along with rival Tesco (TSCDY), has been suffering from a fierce price war and the cost of writing down its real estate portfolio.

3. Stock market overview

U.S. stock futures are all looking solid ahead of the open.

European markets are mostly rising in early trading. They seem unfazed by Greece's continuing negotiations with international creditors over its debts and economic reforms. The European Central Bank will discuss funding for Greek banks later Wednesday.

All major Asian markets ended with losses. Australia's key index dropped by just over 2%.

Looking back at Tuesday's trading action, the Dow Jones industrial average lost 142 points,the S&P 500 dropped 1.2% and the Nasdaq closed with a 1.6% loss.

4. Economics

The key report to watch this morning is the ADP employment report for April. It comes out at 8:15 a.m. ET.

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Japanese markets are closed till Thursday due to public holidays, however, a number of Asian stocks traded lower over fears of a slowdown of growth in China. The China HSBC Manufacturing PMI for April showed a reading of 48.9, this figure indicates that the manufacturing economy is declining, and has continued to decline for a second consecutive month. Furthermore, the Reserve Bank of Australia cut its interest rates for the second time in 4 months as the country struggles with the slowing Chinese demand. The Hang Seng Index was down 1.31%, closing at 27,755 and the Shanghai Composite dropped 2.81%.

During the European session, the British pound traded higher against the weaker Dollar despite negative data from the UK. The Construction PMI for the month of April showed a reading of 54.2 which indicated expansion, however, lower than the expected figure of 57.5. The Euro also traded Bullish following the European Commission’s quarterly forecast, the board raised its expectations for the growth of the economy from 1.3% to 1.5%.

The Dollar dropped against a basket of major currencies following a number of economic reports from the U.S., The ISM Non-Manufacturing PMI for April showed a higher than forecast reading of 57.8, however, the Trade Balance and the Service PMI both showed worse than expected figures.

Later today, New Zealand will release the first quarterly Employment Change, if the actual figure is lower than the forecast figure of 0.8% then the NZD could decline for the short term. Currency traders are also awaiting a number of economic reports taking place tomorrow from Australia, the United Kingdom and the United States.

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