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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