However the focus of the session was on The European Court of Justice announcement of a preliminary, non-binding ruling regarding the constitutionality of the ECB's Outright Monetary Transactions policy (OMT). According to the EU court adviser OMT programme is in line with EU law so long as certain conditions are met.

What this means is that OMT is legitimate so long as there is no direct involvement in financial assistance programme that applies to state in question. Furthermore, ECB must outline its reasons for adopting unconventional measures such as OMT.

US session was marked by Retail Sales data. Retail and food services sales for December, adjusted for seasonal variation and holiday and trading-day differences, but not for price changes, were $442.9 billion, a decrease of 0.9% from the previous month, but up 3.2% above December 2013. It was also below expected increase of 0.2%. Total sales for the 12 months of 2014 were up 4.0% from 2013. Total sales for the October through December 2014 period were up 4.1% from the same period a year ago. Core Retail Sales also missed expectations on 0.1%, and decreased by 1.0%.

With no major data releases from Eurozone tomorrow, focus will be on US Unemployment Claims, PPI, Empire State Manufacturing Index and Philly Fed Manufacturing Index figures. Analysts predict 0.3% decrease in PPI, and rise to 299,000 in Unemployment Claims. Empire State Manufacturing Index is forecasted to increase to 5.3 points, while Philly Fed Manufacturing Index should decline to 20.3 points.

Figures to watch:

PPI (Thursday 14:30)

Unemployment Claims (Thursday 14:30)

Empire State Manufacturing Index (Thursday 15:15)

Philly Fed Manufacturing Index (Thursday 16:00)