In Tuesday's forex trading session, EUR/USD broke above 1.4720 and rallied 40 pips to target 1.4760 as expected. If that level is broken successfully, it could target 1.4800 next. Technically, Swissy looks bearish as long as it doesn't have enough momentum to break above 1.1100 convincingly. Its nearest support is around 1.0850-70. Not much action in

GBP pairs as traders look forward to the very important BOE minutes on Wednesday.

BOE'S Barker said her main concern is the risk of greater downside risk to growth than upside inflation risk in the UK. She noted that weakness in housing is a concern but other than that, there are no clear signs of a major downturn.

Meanwhile, crude oil futures rose 4.7% to settle at $100.01 a barrel on the New York Mercantile Exchange on Tuesday. That's the highest closing price ever. During trading, it went as high as $100.10.

Keep your eyes on the Jan 29-30 FOMC minutes to be released Wedneday.

Wednesday:

BOE monetary policy meeting minutes 0930 GMT

US MBA mortgage applications 1200 GMT

US housing starts, CPI 1330 GMT

FOMC monetary policy meeting minutes 1900 GMT

Japan merchandise trade balance 2350 GMT