US session on Tuesday brought Final GDP, Durable Goods Orders, New Home Sales and Revised Consumer Confidence figures. US GDP increased at an annual rate of 5.0% in the third quarter of 2014, according to the "third" estimate. Analysts were predicting smaller increase by 4.3%. In the second quarter, real GDP increased 4.6%. The increase in real GDP in the third quarter primarily reflected positive contributions from PCE, non residential fixed investment, federal government spending, exports, state and local government spending, and residential fixed investment. Imports, which are a subtraction in the calculation of GDP, decreased.

Separate report on Durable Goods Orders missed market expectations. While analysts were forecasting 3.0% incline, data showed unexpected 0.7% decrease. This decrease, down three of the last four months, followed a 0.3% October increase. Excluding transportation, new orders decreased 0.4%, also missing forecasts on 1.1% raise. Excluding defense, new orders decreased 0.1%.

Sales of new single-family houses in November 2014 were at a seasonally adjusted annual rate of 438,000, missing expectations on a rate of 461,000. This is 1.6% below the revised October rate of 445,000 and is 1.6% below the November 2013 estimate of 445,000. The median sales price of new houses sold in November 2014 was $280,900; the average sales price was $321,800. The seasonally adjusted estimate of new houses for sale at the end of November was 213,000. This represents a supply of 5.8 months at the current sales rate.

However, support for USD came from Revised Consumer Sentiment data which showed figures in line with market forecasts. U.S. consumer sentiment jumped in December to its highest level in nearly eight years on cheaper gasoline and better job and wage prospects. Final December reading on the overall index on consumer sentiment came in at 93.6, its best showing on a final basis since January 2007 and the latest in a string of increases since August.

On Wednesday Unemployment Claims figures were released. In the week ending December 20, the advance figure for seasonally adjusted initial claims was 280,000, a decrease of 9,000 from the previous week's unrevised level of 289,000. Analysts were anticipating increase to 291,000.The 4-week moving average was 290,250, a decrease of 8,500 from the previous week's unrevised average of 298,750. 

This week markets will be looking at:

CB Consumer Confidence (Tuesday 16:00)

Unemployment Claims (Wednesday 14:30)

Chicago PMI (Wednesday 15:45)

Pending Home Sales (Wednesday 16:00)

ISM Manufacturing PMI (Friday 16:00)