The federal reserve bank took their decision to cut rates 50 basis point for both the benchmark and discount rates, sounding more dovish than they ever was, and giving hints that growth is the main concern in the economy nowadays, and it will be the most important determinant for the monetary policy.

That was yesterday, and it got priced in the markets, now we have today, which is also full with economical fundamentals from the Euro zone and from the united states which will also have its effect on the markets, while preparing for the famous job's report tomorrow at 13:30 GMT.

Personal income is expected to gain steadily in December the same amount in November, up 0.4%, that's the hope, not a great one but it's what economists are looking for in the economy, at the same time personal spending probably grew way less than November's reading, the expected gain is 0.1%, following a again of 1.1% in November, and eventually the core monthly PCE is expected to gain 0.2% in December the same amount of increase that took place in November.

Later today we have the PMI data coming up from Chicago, which probably drop in its turn to 52.1 in January after a 56.6 in December, marking that the economy is contracting massively and the worse is yet to come.

Markets may not think about today's news as the most important ones as they are eagerly waiting the nonfarm payrolls numbers tomorrow to base their judgments, which might leave those new disregarded, yet it doesn’t mean that they are not important.

As we said earlier, you have to start leaving yesterday behind and thinking about today and tomorrow, and what is it that going to force the fed's to hike rates agina or hold, pay attention so you might get the picture clear.