During today’s early trading session, Asian stocks edged higher as optimism over the Japanese economy boosted sentiment, Bank of Japan’s board member, Takahide Kiuchi, indicated that massive government bond buying is not necessary and called for the policy to be reviewed. Furthermore, the Dollar rallied against the Yen this morning following yesterday’s positive U.S. ISM Non-Manufacturing PMI. The weakening Yen swayed market spectators to the stock market.

During the European session, the Euro continued to trade lower after the pair dropped following weak PMI data from around the Eurozone. The European Central bank press conference is currently taking place where we expect to see high volatility as ECB officials discuss the recent interest rate decision, which was kept the same at 0.05%. Board members will also reveal critical details on the quantitative easing program which was approved last month. It is expected that the Euro will continue to trade lower as stimulus measures are implemented to lift the inflation rates.

During early U.S. trade, the Dollar continued to trade higher against a basket of major currencies as currency traders anticipate the ECB press conference, furthermore the USD remained supported following strong U.S. data indicating improved economic conditions in the service sector, this report could influence the Fed to increase interest rates sooner. The price of oil jumped yesterday after a main storage hub in Oklahoma increased by just 0.5M, however, more data showed that the overall U.S. Crude oil inventories revealed its biggest increase in supplies in 14 years. Traders are now awaiting the release of Fridays Nonfarm Payrolls expected to increase by 240,000, if the released figure is higher, then this could strengthen the Dollar over the short term.

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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) China Cuts Growth Target

China has set a target for about 7% economic growth in 2015, lower than its goal of 7.5% for 2014.

China's parliament began its annual meeting Thursday, providing an overview of China's policy priorities in the year ahead. The meetings also give outsiders a rare insight into the workings of Chinese politics.

Over the course of the day, both the Shanghai Composite index and the Hang Seng in Hong Kong declined by about 1%.

2) Stock Markets Steady

U.S. stock futures are relatively steady heading into Thursday.

Shares in AbbVie (ABBV) are popping up premarket after the drugmaker said it was paying $21 billion to buy Pharmacyclics (PCYC), giving it more access to drugs that treat cancer.

Watch out for potential moves from Costco (COST) and Kroger (KR), which are both reporting earnings ahead of the open.

There could also be some market reaction when the Department of Labor posts weekly jobless claims at 8:30 a.m. ET.

3) European Economics

The European Central Bank is in the spotlight Thursday as it issues its latest rate decision at 7:45 a.m. ET and holds a press conference at 8:30 a.m. Rates won't change but ECB President Mario Draghi is expected to provide more details of the bank's €1.1 trillion stimulus program for the region and discuss the latest situation in Greece.

European markets are mostly moving up in early trading.

4) Brazil Hikes Rates

The Brazilian central bank raised interest rates last night by 50 basis points to try to rein in rampant inflation.

"The economy is still in a rut, but inflation remains the primary concern and the continuing effects of regulated price increases will keep it above ... its target range for most of this year," said Neil Shearing, chief emerging markets economist at Capital Economics.

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What is it? It checks the level of a diffusion index based on surveyed purchasing managers.

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? March 5^th at 10:00am Eastern Time.

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

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What is it? It checks the number of individuals who filed for unemployment insurance for the first time during the past week

Although it's generally viewed as a lagging indicator, the number of unemployed people is an important signal of overall economic health because consumer spending is highly correlated with labor-market conditions. Unemployment is also a major consideration for those steering the country's monetary policy.

When? March 5^th at 8:30am Eastern Time.

Trading Tip: If the actual number is lower than the forecast, you can expect the USD to rise.

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What is it? It's the primary method the ECB uses to communicate with investors regarding monetary policy. It covers in detail the factors that affected the most recent interest rate and other policy decisions, such as the overall economic outlook and inflation. Most importantly, it provides clues regarding future monetary policy.

When? March 5^th at 8:30am Eastern Time.

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

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What is it? It checks the interest rate on the main refinancing operations that provide the bulk of liquidity to the banking system.

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? March 5^th at 7:45am Eastern Time.

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

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What is it? It checks the interest rate at which the BOE lends to financial institutions overnight.

It's among the primary tools the MPC uses to communicate with investors about monetary policy. It contains the outcome of their vote on interest rates and other policy measures, along with commentary about the economic conditions that influenced their votes. Most importantly, it discusses the economic outlook and offers clues on the outcome of future votes.

When? March 5^th - Tentative.

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

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What is it? It checks the interest rate at which the BOE lends to financial institutions overnight.

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? March 5^th at 7:00am Eastern Time.

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

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During today’s early trading session, Asian stocks continued to trade lower off the back of yesterday’s declining U.S. stock market, losses on Wall Street prompted investors to take profits in Tokyo.

During the European session, the Euro dropped against the Dollar following weak European data. The Spanish and Italian Services PMI showed worse than expected figures and more importantly the European Market Composite PMI, Services PMI and the German Services PMI came out negative. The GBP also declined against the Dollar after a week Services PMI during the month of February and is currently trading around 1.530, its lowest level in 3 weeks.

Traders are now awaiting Thursdays ECB Press conference, it is expected that ECB officials will announce the plans of its quantitative easing program. Implementing further stimulus could weaken the Euro against a basket of major currencies over the long term.

During early U.S. trade, The Dollar Index rallied to its highest level in nearly 3 weeks following U.S. economic reports, despite the ADP Nonfarm Employment change showing a lower than expected figure, the ISM Non Manufacturing PMI came out stronger indicating improved economic conditions for the Composite index. Traders are now awaiting the release of Fridays Nonfarm Payrolls expected to increase by 240,000, if the released figure is higher, then this could strengthen the Dollar over the short term. Recent and possible near future positive reports from the U.S. could influence the Fed to increase interest rates in the coming FOMC meetings.

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