On the US data front CPI figures were released. US Consumer Price Index declined 0.3% in November on a seasonally adjusted basis. Analysts were predicting 0.1% decrease. Over the last 12 months, the all items index increased 1.3% before seasonal adjustment. The gasoline index posted its sharpest decline since December 2008 and was the main cause of the decrease in the seasonally adjusted all items index. The indexes for fuel oil and natural gas also declined, and the energy index fell 3.8%. The food index rose 0.2% with major grocery store food groups mixed.The index for all items less food and energy, so called Core CPI, increased 0.1% in November, in line with market forecasts.

As it was largely expected Committee reaffirmed its view that the current 0 to 1/4 percent target range for the federal funds rate remains appropriate. In determining how long to maintain this target range, the Committee will assess progress--both realized and expected--toward its objectives of maximum employment and 2% inflation. Labor market conditions improved further, with solid job gains and a lower unemployment rate. On balance, a range of labor market indicators suggests that underutilization of labor resources continues to diminish. The Committee sees the risks to the outlook for economic activity and the labor market as nearly balanced. However, it is expected that the benchmark rate will be 1.125% at the end of next year, compared with a 1.375% median estimate in September.

As for tomorrow, from Eurozone, German Ifo Business Climate data is scheduled for a release. Analysts are predicting incline to 105.6 this month. In the US session Unemployment Claims and Philly Fed Manufacturing Index. Unemployment Claims should rise to 297,000, while Philly Fed Manufacturing Index is forecasted to decline to 26.3 points.

Figures to watch:

German Ifo Business Climate (Thursday 10:00)

Unemployment Claims (Thursday 14:30)

Philly Fed Manufacturing Index (Thursday 16:00)