Separate report, on German Unemployment Change showed the number of people out of work fell by a seasonally adjusted 17,000 to 2.638 million, data from the Federal Labor Agency in Nuremberg showed on Tuesday. Economists in a Bloomberg survey forecast a drop of 5,000. The jobless rate remained unchanged at 6 percent, matching the lowest level since reunification.
In the US session ISM Manufacturing PMI data was released. American manufacturing expanded in December at the fastest pace in two years, reflecting firmer output and the biggest pickup in orders growth since August 2009. The Institute for Supply Management said Tuesday that its index increased to 54.7, the fourth straight advance, from 53.2 a month earlier. The median forecast in a Bloomberg survey called for 53.8. Readings above 50 indicate growth. The ISM’s measure of orders surged 7.2 points, while its gauge of prices paid for materials climbed to the highest level since June 2011.
Tomorrow's session will bring Eurozone CPI figures. Increase by 1.0% is anticipated. US session will be marked by FOMC Meeting Minutes, which should bring some volatility to the markets.
Figures to watch:
CPI Flash Estimate (Wednesday 11:00)
FOMC Meeting Minutes (Wednesday 20:00)
