Also, BBA Mortgage Approvals figures were released. Separate report, on BBA Mortgage Approvals showed decrease to 35,700, missing market forecast on a figure of around 36,600. Richard Woolhouse, Chief Economist at the BBA, said:“The mortgage market has been softening since the spring, but for customers taking out home loans right now there are some great deals and we expect the market to begin to grow again this year."

In the US session Durable Goods Orders, CB Consumer Confidence and New Home Sales data was released. New orders for manufactured durable goods in December decreased $8.1 billion or 3.4% to $230.5 billion, missing predictions on 0.6% increase. This decrease, down four of the last five months, followed a 2.1% November decrease. Excluding transportation, new orders decreased 0.8%, also below expectations on 0.6% incline.

The Conference Board Consumer Confidence Index, which had increased in December, rose sharply in January. The Index now stands at 102.9 (1985=100), up from 93.1 in December. Analysts were anticipating smaller increase to 95.2.The Present Situation Index rose to 112.6 from 99.9, while the Expectations Index increased to 96.4 from 88.5 in December.

Separate report showed that sales of new single-family houses in December 2014 were at a seasonally adjusted annual rate of 481,000, above expected rate of 452,000. This is 11.6% above the revised November rate of 431,000 and is 8.8% above the December 2013 estimate of 442,000.

There will be no major data releases from the UK tomorrow, so we can expect a steadier European part of the session. Focus of the US session will be on FOMC interest rate decision. No change is anticipated this month, however, following statement is likely to bring a lot of market volatility.

Figures to watch:

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