In the US session ADP Employment Change data was released. Private sector employment increased by 234,000 jobs from December to January according to the January ADP National Employment Report. “We’ve kicked off the year with another month of unyielding job gains,” said Ahu Yildirmaz, vice president and co-head of the ADP Research Institute. “Service providers were firing on all cylinders, posting their strongest gain in more than a year. We also saw robust hiring from midsize and large companies, while job growth in smaller firms slowed slightly.”

However, the focus of the session waa on Fed's interest rate decision and the following Statement. The U.S. Federal Reserve kept interest rates unchanged on Wednesday but said inflation likely would rise this year, bolstering expectations borrowing costs will continue to climb under incoming central bank chief Jerome Powell. Citing solid gains in employment, household spending and capital investment, the Fed said it expected the economy to expand at a moderate pace and the labor market to remain strong in 2018.

"Inflation on a 12-month basis is expected to move up this year and to stabilize" around the Fed's 2 percent target over the medium term, the central bank said in a statement following a two-day policy meeting, the last under Fed Chair Janet Yellen. It also said its rate-setting committee had unanimously selected Powell to succeed Yellen, effective Feb. 3. Powell, a Fed governor who has worked closely with Yellen, was nominated by President Donald Trump and confirmed by the U.S. Senate.

Tomorrow's session will bring Australian Building Approvals figures. Decline by 7.9% is forecasted. In the US session ISM Manufacturing PMI figures will be released. Analysts predict decrease to 58.7.

Figures to watch:

Building Approvals (Thursday 1:30)

ISM Manufacturing PMI (Thursday 16:00)