This week, as we are heading towards the holidays in the United States and the world in general, we will be watching for the other part of the interest rates' determinants, growth and housing data, as inflation data suggested that a rate cut is not an option anymore. Growth and housing data this week will confirm or just oppose that.

The final reading for the third quarter GDP will be up this week, where it is seen to remain unchanged from the preliminary reading; the fear now is to see the growth slowing noticeably in the 4th quarter. The housing market will uncover the housing starts and building permits readings, as all expected to show a continuation for the slump.

In other parts of the world, the Bank of England will release the minutes of their last meeting, where a somewhat surprising 25 point cut was made, while investors are waiting for some clarifications from the minutes on the current economical situation in the UK. As for the Bank of Japan, they are meeting to announce their decision on interest rate.

Eventually, we have the net cash flow number to be announced today, it is expected to climb for the long term flows from 25.4 billions to 50 billion; this number is extremely important as it covers the trade deficit in the Unites States.