THE WEEK AHEAD

The local data calendar might be soft, but there are still a few economic releases in the US that could move markets.

The economic calendar puts its feet up in the week between Christmas and the New Year, taking a well-earned break after a big 12 months of data.

Local markets are closed on Monday and Tuesday for the Christmas Day and Boxing Day holidays. When the markets finally do come back online, housing price data and private sector credit figures will be released.

Elsewhere, traders will need to wait until Tuesday for any action in the United States, where consumer confidence data and house prices will be on tap.

Local news

Only a couple of indicators make up local news for the week, with not a single release scheduled from the Australian Bureau of Statistics.

On Friday, RP Data will release house price data for November, while private sector credit data is due from the RBA. CommSec analysts are expecting credit to have risen by 0.1 per cent in the month, taking the annual growth rate to 3.3 per cent.

Offshore

Overseas, markets across the United States and European Union are closed on Monday for the Christmas holiday.

On Tuesday, US consumer confidence data for December will be released, along with the Standard & Poor’s Case Shiller home price index for October. Economists are expecting confidence to have risen by 2.3 points to an index reading of 58.3.

The Richmond Federal Reserve manufacturing index for December is also on tap.

Wednesday brings the weekly Energy Information Administration petroleum status report.

Thursday sees jobless claims data and the November pending home sales index released in the US. In Europe, M3 money supply data us due for the eurozone.

On Friday, the Chicago purchasing managers’ index is due in the US, wrapping up what should be the quietest week on the calendar.

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