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What is it? This is vital economic data released shortly after the month ends. The combination of importance and earliness makes for hefty market impacts.

When? At 8:30 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? Federal Reserve FOMC members vote on where to set the nation's key interest rates and their public engagements are often used to drop subtle clues regarding future monetary policy.

When? At 8:10am Eastern Time.

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

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1. Wall Street opened higher on Thursday as data pointed to a strengthening U.S. economy and the European Central Bank indicated it could prolong its stimulus program.

2. U.S. stocks opened higher Thursday, with the Dow Jones Industrial Average gaining 100 points after the European Central Bank (ECB) kept benchmark interest rates unchanged, hovering at historic lows. Investors also weighed jobless claims data ahead of the all-important employment report for August, due out Friday.

3. Service sector activity in the U.S. grew at a faster rate than expected in August to hold near a ten-year peak, boosting optimism over the health of the economy and supporting the case for a rate hike later this month, industry data showed on Thursday.

4. FOREX - The euro was sharply lower against the dollar on Thursday after the European Central Bank indicated that it could expand its quantitative easing program amid increased downside risks to its inflation outlook.

5. NEW YORK - U.S. services sector growth edged ahead during August from July to its highest level since May, signaling the United States was on track for solid third-quarter expansion, an industry report showed on Thursday.

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It's shaping up to be a good day for investors. U.S. stock futures are poised for gains Thursday and global markets were pushing higher.

Here are 4 tips for today's trading. This will help you decide where you should invest and what to look for:

1) Central bank watch

All eyes will be on the European Central Bank and its monthly policy meeting. The impact of falling commodity prices and easing global growth are likely to be addressed, along with the progress of a massive stimulus program launched by the bank this year to revive the region's fragile economy.

"Expect to see downgrades to the bank's inflation forecasts, and a promise to do more if needed," said CMC Markets analyst Michael Hewson.

As central bankers and finance ministers from the G-20 group of leading economies gather in Turkey, the International Monetary Fund warned of the risks to global growth and urged advanced economies to keep fiscal and monetary policy loose.

Elsewhere, Sweden's central bank kept its key interest rates unchanged at negative 0.35%.

2) Oil slips

The other big market headache -- oil -- found firmer footing Thursday. Crude edged down 0.2% to hover above $46 a barrel. Volatility has gripped oil trading in recent months as oversupply and slowing global growth weigh on prices.

3) China closed

Markets in China are shut for a two-day holiday, giving investors a breather after weeks of wild trading sparked turmoil on indexes around the world. 

4) Earnings and economics

Companies including Campbell Soup (CPB) and Lands' End (LE) will report ahead of the open. Another handful of firms will report this afternoon.

A couple of economic releases to watch: The Labor Department releases weekly jobless claims data at 8:30 a.m. ET, ahead of the closely watched non-farm payroll data due out Friday.

Also at 8.30am ET, the Census Bureau will report July's trade deficit numbers.

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What is it? 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? 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? This is the nation's earliest economic data. The market impact fluctuates from week to week - there tends to be more focus on the release when traders need to diagnose recent developments, or when the reading is at extremes.

When? At 8:30am 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? Export demand and currency demand are directly linked because foreigners must buy the domestic currency to pay for the nation's exports. Export demand also impacts production and prices at domestic manufacturers.

When? At 8:30am Eastern Time.

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

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