The central bank surprised the markets last week by maintaining interest rates at 4.25%. The markets had predicted a 0.25% cut, which would have likely pushed the aussie downwards.

Last week ECB president Mario Draghi’s remark at the ECS press conference provided a loop hole to contribute to the Greek bailout, by suggesting to distribute profits from Greek bonds to Greece. Meantime Greece is in a vicious cycle while the austerity measures posed by the EU paralyze market activity lowering consumption which in turn produces less tax revenues to cover its growing debt. Will Draghi’s suggestion help the struggling nation? Let’s start:

In the US, Crude Oil Inventories, the number of crude oil barrels in inventory over the last week, is about to remain 4.2M similar to the last week’s report.

Last week new housing approvals jumped 2.1% in December rising 13% in from a year earlier; however 2011 has been a bad year for the housing sector being the worst year for building since records started in 1965. Will we see an improvement during 2012?

 Last week excellent NFP figures were released with a 243,000 job gain and unemployment rate dropping to 8.3% in January from 8.5 in December. Both figures bit expectations leaving a lower chance for QE3. Will we see further improvement this year?

In the US, Unemployment Rate, measures total work unemployed force (by percentage) that looking for jobs during the last month.

Last week the Reserve Bank of New Zealand maintained its benchmark interest rate at 2.50% in light of ongoing uncertainty concerning global market conditions. Meanwhile Trade balance swung to surplus in December reaching NZ$338 million beating expectations for NZ$74 million deficit and providing positive news about the NZ economy.

Ben Bernake’s extended rate pledge and hints of QE3 certainly helped weaken the US dollar. In Canada, the leading index continued rising with a 0.8% gain in December after climbing 0.9% in the previous month suggesting positive growth. Retail sales gained 0.3% in October supporting predictions while Core sales topped expectations with 0.3% climb. Will the Canadian market continue its growth this week?

Ben Bernanke weakened the dollar with an extended pledge for low rates: until late 2014. and a hint about the possibility of a third round of QE. While the US economy grew at a higher pace than in previous quarters, the pace is still moderate and seems insufficient for convincing the Federal Reserve to stop easing. PMIs and job figures are also an important part of the composition of the decision, and we’ll get fresh data now. Let’s start:

In the US, Unemployment Claims, weekly report to value the unemployed that filed for insurance, due to reduce by 10K from the last month down to 389K.