In the US session ISM Manufacturing PMI figures were published. The December PMI registered 59.7 percent, an increase of 1.5 percentage points from the November reading of 58.2 percent. Comments from the panel reflect expanding business conditions, with new orders and production leading gains; employment expanding at a slower rate; order backlogs expanding at a faster rate; and export orders and imports continuing to grow in December. Supplier deliveries continued to slow (improving) at a faster rate, and inventories continued to contract at a slower rate during the period. Price increases continued at a faster rate. The Customers’ Inventories Index declined and remains at low levels.

However, the focus of the session was on FOMC Meeting Minutes. U.S. Federal Reserve policymakers showed worry over the fate of currently low inflation and saw recent tax changes as providing a boost to consumer spending, according to the minutes of the U.S. central bank's last policy meeting on Dec. 12-13 released on Wednesday. The details of the meeting, at which the Fed raised interest rates for the fifth time since the 2008 financial crisis, also showed that officials have a similar lack of certainty over the impact of fiscal stimulus on raising price pressures. "Most participants reiterated their support for continuing a gradual approach to raising the target range, noting that this approach helped to balance risks to the outlook for economic activity and inflation," the Fed said in the minutes.

There will be no major data releases from Australia tomorrow. In the US session ADP job figures and Unemployment Claims will be published. Analysts predict increase of 191,000 in number of employed, while Unemployment Claims should decline to 241,000.

Figures to watch:

ADP Employment Change (Thursday 14:15)

Unemployment Claims (Thursday 14:30)