Unemployment rate fell to 5.8%, also beating market expectations on a decline to 5.9%. For September to November 2014, there were 1.91 million unemployed people. This was 58,000 fewer than for June to August 2014, the smallest quarterly fall since July to September 2013. Comparing September to November 2014 with a year earlier, there were 418,000 fewer unemployed people. Average Earnings were in line market forecasts, up by 1.7%.

BoE Meeting Minutes showed that members were unanimous in deciding to leave interest rates unchanged, opposite of predictions on two votes for the rate hike. The Monetary Policy Committee forecasted that U.K. inflation may drop to zero in the first quarter and there’s a ''roughly equal chance'' that it could drop below that level. The MPC said policy ''could and would be adjusted'' if needed to meet the 2% price target.

''The fall in near-term inflation might become more persistent if it lowered inflation expectations, pay and other cost growth in a way that became self-perpetuating,'' minutes of the Jan. 7-8 meeting published today showed. There was a risk of ''inflation persisting below the target for longer than previously expected.''

In the US session Housing Starts and Building Permits data was released. Privately-owned housing starts in December were at a seasonally adjusted annual rate of 1,089,000, slightly above market predictions. This is 4.4% above the revised November estimate of 1,043,000 and is 5.3% above the December 2013 rate of 1,034,000. Single-family housing starts in December were at a rate of 728,000; this is 7.2% above the revised November figure of 679,000.

Privately-owned housing units authorized by building permits in December were at a seasonally adjusted annual rate of 1,032,000. This was below expected figures of, 1,060,000. This is 1.9% below the revised November rate of 1,052,000, but is 1.0% above the December 2013 estimate of Single-family authorizations in December were at a rate of 667,000; this is 4.5% above the revised November figure of 638,000. Authorizations of units in buildings with five units or more were at a rate of 338,000 in December.

From the UK, tomorrow, Public Sector Net Borrowing and CBI Industrial Order Expectations data will be released. Public Sector debt should narrow to 9.2 billion pounds, while analysts predict balance of +6% in CBI Industrial Orders Expectations. In the US session Unemployment Claims figures are scheduled for a release. Decrease to 301,000 is forecasted.

Figures to watch:

Public Sector Net Borrowing (Thursday 10:30)

CBI Industrial Order Expectations (Thursday 12:00)

Unemployment Claims (Thursday 14:30)