Searate report showed that UK GDP in volume terms was estimated to have increased by 0.6% in Quarter 3 2016, revised up 0.1 percentage points from the second estimate of GDP published on 26 November 2016, due to upward revisions from the output of the business services and finance industries. This is the 15th consecutive quarter of positive growth since Quarter 1 (Jan to Mar) 2013.

In the US session New Home Sales and Revised Consumer Sentiment data was published. New U.S. single-family home sales rose more than expected in November and consumer sentiment hovered near a 13-year high this month, strengthening the view that the economy will gain further momentum next year. The Commerce Department on Friday said new home sales increased 5.2 percent to a seasonally adjusted annual rate of 592,000 units last month. That was the second highest pace since 2007. Economists had forecast single-family home sales, which account for about 9.5 percent of overall home sales, rising 2.1 percent to a 575,000-unit rate last month.

Separately, the University of Michigan said its consumer sentiment index edged up to a reading of 98.2 from 98 earlier this month. That was the highest reading since January 2004. The University of Michigan said a record 18 percent of respondents "spontaneously mentioned the expected favorable impact of Trump's policies on the economy." Consumers anticipated that a stronger economy would create more jobs, with the share expecting higher income rising to a one-year high.

With holidays beginning there will be no major data releases both from the UK and USA on Monday.