Separate report on NAB Business Confidence showed that the National Australia Bank's (NAB) business confidence index fell 9 points to +12 index points in November but is still well above the long-run average of +5. Meanwhile, business confidence is retreated from +9 (last month) to +6 in November. There has been a notable downward trend in the series since around the middle of the year. According to Alan Oster, NAB Group Chief Economist, “we expected to see last month’s spike in business conditions unwound fairly quickly as it both came as a bit of a surprise, and was also out of sorts with what we were seeing in some of the other leading indicators from the survey, such as forward orders.''

In the US session PPI data was released. The Producer Price Index for final demand increased 0.4 percent in November, seasonally adjusted, the U.S. Bureau of Labor Statistics reported today. Final demand prices also moved up 0.4 percent in both October and September. On an unadjusted basis, the final demand index rose 3.1 percent for the 12 months ended in November, the largest advance since a 3.1-percent increase for the 12 months ended January 2012.In November, three-fourths of the rise in the final demand index is attributable to a 1.0-percent increase in prices for final demand goods. The index for final demand services climbed 0.2 percent.

There will be no major data releases from Australia tomorrow. In the US session CPI figures will be published. Analysts predict 0.4% increase. However, the focus of the session will be on FOMC interest rate decision and the following press conference, where interest rate hike is anticipated.

Figures to watch:

CPI (Wednesday 14:30)

Federal Funds Rate/FOMC Economic Projections/FOMC Press Conference (Wednesday 20:00)