In the US, Unemployment Claims, monthly indicator to value the unemployment insurance that was filed on the last week, is predicted to drop down from 377K to 373K this week.

In the US, The Institute for Supply Management (ISM) Manufacturing Purchasing Managers’ Index (PMI); Monthly Managers Survey to value the business conditions such as new orders, deliveries and inventories, rise is expected from 53.9 points on December up to 54.6 points now. And on the ISM Manufacturing Prices similar rise is forecasted from 47.5 points to 49.5 points.

The US dollar weakened against most major currencies following Bernanke’s announcement that  interest rates will likely remain near zero until late 2014. However, the global slowdown has taken its toll on the Australian export sector, and the aussie may run out of steam as a result.

In the US, Federal Open Market Committee (FOMC) Meeting Minutes, Planned 8 times per year, full record of the latest FOMC’s meeting and shows the influential financial conditions on the interest rates.

The markets may have bid farewell to 2011, but the European debt crisis hasn’t gone anywhere far, and continues to weighs heavily on risk currencies such as the Australian dollar.  EUR/USD ended the year 400 pips lower, and if investors continue to flock to the US dollar for safety, the aussie could weaken.

In the US, Unemployment Claims measuring the number of Americans filing initial claims for unemployment increased by 2,000 last week to 393,000 while expected to drop to 389,000 indicating a relative stability in the Job market. A drop to 390,000 is expected.

In the US, ISM Manufacturing PMI and important Manufacturing activity gauge, increased more than predicted to 51.6 in September after reaching 50.6 inAugust. A further rise to 52.3 is expected now.

The moderate rise in prices leaves room for a rate cut that will weaken the Aussie. On the other hand, the fresh signs of strength from China helped the Australian dollar. We have more data from China alongside Australian data.

In the US, Ben Bernanke testifies at the Joint Economic Committee, in Washington DC. His words have a major impact on the market.

More signs of slowdown in China and the double downgrade for New Zealand weighed on the Aussie. As risk aversion eventually took over, the Aussie, which is considered a risk currency, dropped as well.Apart from the rate decision, housing figures will be of interest this week.