The U.S. dollar is stabilizing on Monday and crude oil continues to weaken slightly, falling below a 12 year low after dropping over 10 percent last week, and ahead of the release of China 4th quarter and full year 2015 GDP results later on Tuesday with the emergence of sanction-free Iranian crude oil in global markets just days away.
U.S. Crude (Nymex) is currently down -1.12 percent at $29.11 a barrel while Brent Crude is down -1.21 percent to $28.57 a barrel.
U.S. bond and stock markets are closed on Monday in observance of Martin Luther King Jr. holiday.
The U.S. economic calendar is relatively light in the midst of corporate earnings season which gets heated up during this shortened trading week.
On Wednesday there will be some new inflation figures out for December with the Consumer Price Index (CPI) and Core CPI.
Economists from briefing.com forecast a -0.1 percent decline in December after a flat reading in November 0.0 percent while core CPI is expected to rise just 0.1 percent and below the 0.2 percent increase in November.
U.S. housing data will also be released on Wednesday with housing starts and building permits (December) and existing home sales (December) on Friday.
Netflix, IBM, Morgan Stanley, Delta, and BOA report earnings results on Tuesday.
Goldman Sachs, Kinder Morgan will report on Wednesday.
On Thursday its Verizon, Starbucks, Alaska Air group, and American Express.
On Friday General Electric and SAP report.
Monday- U.S. markets closed
Tuesday- Net Long Term TIC flows (NOV.), NAHB Housing Market Index (1/16)
Wednesday- CPI, Core CPI (Dec.), Housing Starts, Building Permits (Dec.), Crude Inventories (1/16)
Thursday- Initial and Continuing Jobless Claims, Philadelphia Fed (Jan.), Natural Gas Inventories (1/16)
Friday-Existing Home sales (Dec) and Leading Indicators (Dec)
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