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

1) India Cuts Rates Again

The Reserve Bank of India unexpectedly cut key lending rates yet again on Wednesday, just days after the government unveiled a new budget.

The central bank was not scheduled to issue a rate decision, and the move took economists and analysts by surprise.

"India has jumped on the bandwagon and joined 19 other central banks in deciding to cut interest rates," said IG market analyst Alastair McCaig. "The clamor for central bankers to stimulate markets through cuts leaves the U.S....looking increasingly isolated."

Stocks in Mumbai jumped after the decision, before moving back down.

2) Watching the Fed

The U.S. Federal Reserve may also cause waves Wednesday when it publishes its Beige Book at 2 p.m. ET. The publication offers anecdotal information on the state of the economy.

Paul Donovan, senior global economist at UBS, said the details about how oil prices are influencing inflation will be of particular interest.

Some are also expecting analysis of the effect of the West Coast port shutdown.

3) Stocks Dip

U.S. stock futures are edging lower, alongside most European markets.

Asian stock markets mostly ended the day with losses.

On Tuesday, the Dow Jones industrial average lost 85 points, while the S&P 500 slid 0.5% and the Nasdaq fell 0.6%.

The slide comes after the Dow and S&P 500 hit all-time highs on Monday. The Nasdaq also closed on Monday at a 15-year high.

4) Earnings Updates

Abercrombie and Fitch (ANF), American Eagle (AEO), PetSmart (PETM) and the maker of Jack Daniel's whiskey, Brown-Forman (BFA), will report ahead of the open.

H&R Block (HRB) is among the main companies reporting after the close.

Shares in Standard Chartered (SCBFF) are jumping by about 4% in London after the British bank reported full-year results.

The bank reported a sharp drop in profits, but investors bid shares higher as they were relieved the bank didn't announce plans to raise more capital.

The bank recently announced it was bringing in a new CEO.

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What is it? It checks the difference in value between imported and exported goods and services during the reported month.

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? March 4^th at 7:30am 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? It checks the change in the total value of sales at the retail level.

It's the primary gauge of consumer spending, which accounts for the majority of overall economic activity.

When? March 4^th at 7:30am 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? It checks the level of a diffusion index based on surveyed purchasing managers, excluding the manufacturing 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? March 4^th 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? It checks the interest rate at which major financial institutions borrow and lend overnight funds between themselves.

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 4^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's the primary tool the BOC 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? March 4^th at 10:00am Eastern Time.

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

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