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Japanese markets are closed till Thursday due to public holidays, however, China stocks are trading lower as concerns over the current economic outlook continues to weigh on sentiment. China released more negative data early this morning showing that the HSBC Services PMI expanded less than expected, with a reading of 52.9, analysts had expected 53.1. The Hang Seng closed 0.41% lower and the Shanghai Composite dropped 0.55%. Despite negative reports from Australia, the AUD rose against the Dollar as traders digest a number of negative reports out of the U.S., The Australian Retail Sales for March showed rose 0.3%, lower than the expected figure of 0.4%.

During the European session, the GBP rallied against the Dollar following positive data from the UK. The ServiceS PMI indicated expansion within that sector with a reading of 59.5. The Euro also rose against the weaker Dollar after a number of mixed European reports and concerns over expectation of a interest rate hike in the United States.

Following a number of negative reports from the U.S., the Dollar is lower against a basket of major currencies. Yesterday, the Trade Balance and the Service PMI both showed worse than expected figures and more reports released today showed that the ADP Nonfarm Employment Change increased less than expected with 169k more employees, analysts had expected 200k. This negative data may course the Fed to further delay an interest rate hike. Fed Chair Janet Yellen is currently speaking and so we may see high volatility in the markets.

U.S. Oil is currently trading at its highest level since December following a report showing that the inventory levels of crude oil fell 1500M, furthermore, the EIA Crude oil inventories also showed a decline with 3.882 less barrels held by US firms, down from an increase of 1.5M the previous week. A decline in stock of the commodity affects supply and thus rises prices.

Binary Options traders are now awaiting the release of the Nonfarm Payrolls this Friday. Analysts expect that the number of people employed during April rose by 224,000, if the actual figure is lower than this could weaken the Dollar further in the short term.

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What is it? It checks the percentage of the total work force that is unemployed and actively seeking employment during the previous month.

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.

When? May 6^th at 9:30pm Eastern Time.

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

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What is it? It checks the change in the number of employed people during the previous month.

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

When? May 6^th at 9:30pm Eastern Time.

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

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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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