US GDP expected to be revised this week

The new trading week will be a shorter one due to the Christmas holiday.

The economic calendar is light on Monday but on Tuesday, traders will get a look at the latest data on the US housing market. A report from the National Association of Realtors may show US sales of existing, single-family homes fell 0.4 per cent in November after sliding 3.4 per cent the month prior.

Investors will also get final third-quarter US gross domestic product figures on Tuesday, which are forecast to indicate the world’s biggest economy expanded an annualised pace of 1.9 per cent, slightly slower than an earlier estimate of 2.1 per cent.

On Wednesday the US Commerce Department issues data on consumer spending and income for November. That report also includes the personal consumption expenditures price index, which is the Federal Reserve’s preferred measure of inflation. Economists expect the core PCE index, which excludes food and energy prices, to have risen 1.3 per cent on a year-over-year basis in November, the same rate logged the month prior. The Fed is targeting inflation of about 2 per cent.

The closely-watched US durable goods report is also due out on Wednesday. Economists reckon orders for long-lasting goods fell 0.7 per cent in November. Excluding the volatile transportation component, durable goods orders were likely unchanged.

US equity markets close at 1 pm ET on Thursday, and are shut for the full day on Friday, in observance of the Christmas holiday. Bond markets close at 2 pm ET on Thursday and are also closed for Christmas.

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