Earlier yesterday morning, RBA released its Meeting Minutes which were of no major impact on the markets. It was once again repeated that interest rates would stay stable for a period, giving mixed view on the economy.

In the US session Building Permits and Housing Starts figures were released.Privately-owned housing units authorized by building permits in November were at a seasonally adjusted annual rate of 1,035,000, in line with market forecast. This is 5.2% below the revised October rate of 1,092,000 and is 0.2% below the November 2013 estimate of 1,037,000. Single-family authorizations in November were at a rate of 639,000; this is 1.2% below the revised October figure of 647,000. Authorizations of units in buildings with five units or more were at a rate of 367,000 in November.

Privately-owned housing starts in November were at a seasonally adjusted annual rate of 1,028,000, also in line with market forecast. This is 1.6% below the revised October estimate of 1,045,000 and is 7.0% below the November 2013 rate of 1,105,000. Single-family housing starts in November were at a rate of 677,000; this is 5.4% below the revised October figure of 716,000. The November rate for units in buildings with five units or more was 340,000.

There will be no data releases from Australia tomorrow. With that being the case we would pay attention to gold and iron ore prices as well as any possible announcement on new Chinese monetary policy steps. US session should be quite eventful. On a data front CPI figures will be released. Analysts are predicting 0.1% decrease, while Core CPI should raise by 0.1%. Later tomorrow, we can expect a lot of volatility with Fed interest rate decision and following statement though interest rates are not forecasted to change.

Figures to watch:

CPI (Wednesday 14:30)

FOMC Economic Projections/FOMC Statement/Federal Funds Rate (Wednesday 20:00)