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What is it? It checks the level of a diffusion index based on surveyed purchasing managers in the services 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? December 3^rd 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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US markets dropped as technology companies declined while Asian markets climbed across the region.

European markets are higher today with energy companies rising. Attention will now turn to Thursday’s European Central Bank meeting. Investors widely expect the bank to introduce new stimulus measures.

Oil dropped to a 5 year low and then rebounded. The decline was caused by OPECs decision to maintain the current rate of output after a period of higher supplies and lower demand. Traders believed that losses were overstated and the price is now trading around $69/ barrel. The API will release inventory data at 9:30pm (GMT) and if supplies are higher once again the price could fall back down.

Gold dropped to a 4 year low but then rallied and climbed 7%. Gains were seen as the stock market declined and the Dollar experienced a sell off. Demand for the safe haven asset also increased after Moody’s downgraded Japans rating igniting fears over the global economy.  The outlook for the Metal is still bearish and traders should focus on Yellen’s comments today at 1:30pm (GMT) as she could spark short term volatility.

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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) German Stocks Rebound

The benchmark DAX index broke back above 10,000 points, a level last seen in July, on growing expectations that the European Central Bank will buy a broader range of assets to get the eurozone economy moving again.

"Additional asset purchases by the European Central Bank in the near future are much more likely," said Christian Schulz at Berenberg. "The question is no longer if, but when and what?"

The ECB is expected to cut its forecasts for growth and inflation on Thursday. But economists are split over whether it will act this week to bolster its stimulus efforts, or wait until early next year.

All other major European markets were moving higher too.

2) Futures Edge Higher

US stock futures were firmer, pointing to a positive start after markets ended down Monday. The Dow lost nearly 52 points, the S&P 500 slipped 0.7%, and the Nasdaq closed 1.3% lower.

The US Census Bureau will report construction spending at 10:00am ET. Restaurant chain Bob Evans (BOBE) will report quarterly earnings after the closing bell.

3) Oil Resumes Slide

After a rebound Monday, world oil prices are falling again in early trade. US crude futures are down 1%.

4) India Holds Fire

The Reserve Bank of India kept interest rates unchanged, surprising some observers who were expecting a rate cut after growth slowed in the most recent quarter.

India's benchmark Sensex index slipped lower, against a trend of firmer markets elsewhere in Asia.

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What is it? It's among the primary tools the RBA Reserve Bank Board uses to communicate with investors about monetary policy. It contains the outcome of their decision on interest rates and commentary about the economic conditions that influenced their decision. Most importantly, it discusses the economic outlook and offers clues on the outcome of future decisions.

When? December 2^nd at 10:30pm Eastern Time.

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

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What is it? It checks the interest rate charged on overnight loans between financial intermediaries.

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? December 2^nd at 10:30pm Eastern Time.

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