In the US session PPI, Unemployment Claims, Empire State Manufacturing Production and Philly Fed Manufacturing Index data was released. The Producer Price Index for final demand fell 0.3% in December, seasonally adjusted, in line with market forecasts. Final demand prices decreased 0.2% in November and advanced 0.2% in October. On an unadjusted basis, the index for final demand increased 1.1% in 2014 after rising 1.2% in 2013.

Separate report on Unemployment Claims missed market expectations on an increase to 299,00 and showed that in the week ending January 10, the advance figure for seasonally adjusted initial claims was 316,000, an increase of 19,000 from the previous week's revised level. The 4-week moving average was 298,000, an increase of 6,750 from the previous week's revised average.

Empire State Manufacturing Index index climbed eleven points to 10.0. Analysts were forecasting smaller increase to 5.3.This month’s survey also showed modest growth in new orders and shipments. Labor market conditions were mixed, with the index for number of employees rising several points to 13.7, while the average workweek index remained negative at -8.4.

Philly Fed Manufacturing Index decreased 18 points, from a revised reading of 24.3 in December to 6.3 this month, missing expectations on smaller decline to 20.3. Demand for manufactured goods, as measured by the current new orders index, decreased 5 points, from a revised reading of 13.6 last month to 8.5 this month. Shipments also fell, with its index falling 22 points to -6.9, its first negative reading since February 2014. Firms reported shorter delivery times and a decrease in unfilled orders this month, on balance.

There will be no data releases from Australia tomorrow, so we would pay attention to iron ore prices, copper in particular, which after recent fall managed to rebound slightly. In the US session CPI, Industrial Production and Prelim Consumer Confidence figures will be released. Analysts are predicting 0.3% decrease in CPI. Industrial Production is expected to incline by 0.1%, while Consumer Confidence should rise to 94.2.

Figures to watch:

CPI (Friday 14:30)

Industrial Production (Friday 15:15)

Prelim UoM Consumer Sentiment (Friday 15:55)