It is a quiet day on the economic calendar with Canada building permits for December due at 8:30 AM the expectations are for 1.8% gain versus -3.9% last month. At 10 AM, Canada's Ivey purchasing managers index will be released last month and came in at 56.3 seasonally adjusted. Not seasonally adjusted the index was at 43.7. The index tends to whip around and tends to have little market impact.
At 12 PM noon, Cleveland Fed Pres. Mester will be speaking. Mester is retiring later this year. She is not a voting member.
Bank of Canada's Mester will be speaking at 12:45 PM.
At 1 PM ET, the U.S. Treasury will begin their coupon auction for the week with the sale of $54 billion 3-year notes. Tomorrow the treasury will auction off 10- year notes and on Thursday they will auction off 30-year bonds.
Toward the close of the day at 4:45 PM ET, New Zealand employment change for the fourth quarter will be released with expectations of 0.3% gain versus -0.2% in the third quarter. The unemployment rate is expected at 4.3% up from 3.9% and the labor cost index for the quarter is expected to rise by 0.8% (the same as the third quarter increase).
