Tuesday's session was marked by Building Permits and Housing Starts data. Privately-owned housing units authorized by building permits in November were at a seasonally adjusted annual rate of 1,035,000, in line with market forecast. This is 5.2% below the revised October rate of 1,092,000 and is 0.2% below the November 2013 estimate of 1,037,000. Single-family authorizations in November were at a rate of 639,000; this is 1.2% below the revised October figure of 647,000. Authorizations of units in buildings with five units or more were at a rate of 367,000 in November.

Privately-owned housing starts in November were at a seasonally adjusted annual rate of 1,028,000, also in line with market forecast. This is 1.6% below the revised October estimate of 1,045,000 and is 7.0% below the November 2013 rate of 1,105,000. Single-family housing starts in November were at a rate of 677,000; this is 5.4% below the revised October figure of 716,000. The November rate for units in buildings with five units or more was 340,000.

On the US data front, on Wednesday, CPI figures were released. US Consumer Price Index declined 0.3% in November on a seasonally adjusted basis. Analysts were predicting 0.1% decrease. Over the last 12 months, the all items index increased 1.3% before seasonal adjustment. The gasoline index posted its sharpest decline since December 2008 and was the main cause of the decrease in the seasonally adjusted all items index. The indexes for fuel oil and natural gas also declined, and the energy index fell 3.8%. The food index rose 0.2% with major grocery store food groups mixed.The index for all items less food and energy, so called Core CPI, increased 0.1% in November, in line with market forecasts.

However, the focus of the session was on FOMC Meeting Minutes. As it was largely expected Committee reaffirmed its view that the current 0 to 1/4 percent target range for the federal funds rate remains appropriate. In determining how long to maintain this target range, the Committee will assess progress--both realized and expected--toward its objectives of maximum employment and 2% inflation. Labor market conditions improved further, with solid job gains and a lower unemployment rate. On balance, a range of labor market indicators suggests that underutilization of labor resources continues to diminish. The Committee sees the risks to the outlook for economic activity and the labor market as nearly balanced. However, it is expected that the benchmark rate will be 1.125% at the end of next year, compared with a 1.375% median estimate in September.

Thursday's US session Unemployment Claims and Philly Fed Manufacturing Index brought. In the week ending December 13, the advance figure for seasonally adjusted initial claims was 289,000, a decrease of 6,000 from the previous week's revised level. Analysts were predicting increase to 297,000. The previous week's level was revised up by 1,000 from 294,000 to 295,000.

Philly Fed Manufacturing Index decreased 16 points, from a reading of 40.8 in November to 24.5 this month, below expectations on a decline to 26.3. The new orders and current shipments indexes also weakened significantly. The demand for manufactured goods, as measured by the current new orders index, decreased 20 points, from a reading of 35.7 last month to 15.7 this month. Shipments also fell, with its index falling 16 points to 16.1. Despite these declines from November, all the broad current activity indexes show a positive trend over the course of the current year.

This week markets will be looking at:

Existing Home Sales (Monday 16:00)

Durable Goods Orders/ Core Durable Goods Orders (Tuesday 14:30)

Final GDP (Tuesday 14:30)

Revised UoM Consumer Sentiment (Tuesday 15:55)

New Home Sales (Tuesday 16:00)

Unemployment Claims (Wednesday 14:30)