Last week positive readings were released with surprisingly elevated reading for the Canadian Ivey Purchasing Managers Index (PMI) rising to 64.1 from63.5 in December suggesting a major improvement in the market’s future activity and better than expected housing data with a boost of 11.1% in the Canadian building permits, highest jump since June 2007. Is Canada on a strong recovery path? 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.

Last week, positive housing data with new housing starts increasing unexpectedly to 200,200 units in December from 186,000 inthe previous month with a rise in multiple urban starts. Meantime new housing price index also increased above predictions gaining 0.3%. However the total value of building permits dropped by 3.6%, mostly inOntario. Will the housing sector continue to thrive ?

In the US, Import Prices, value the prices for imported goods and services, affects the businesses and consumers inflation, about to rise up from -0.6% on November to 1.0% now.

Last week the Bank of Canada members left the interest rate unchanged at 1% confident in the current market situation but worried about possible downside risks from the European continent. Ivey PMI jumped in October to 59.9 after dropping to54.4 in September indicating improvement in the Canadian economy. WillCanada be able to avoid the harsh impact of the European debt crisis?

In the US, Crude Oil Inventories, weekly report to value the crude oil barrels in commercial company’s inventory, is about to by remain 3.9M similar to the last week.

Last week revealed encouraging figures such as the NBNZ Business Confidence rising to 18.3 from13.2 in October and Building Consents climbing 11.2% after 17.2% decline in September. Will this trend continue?

In the US, Producer Price Index (PPI), important consumer inflation sign that value the producer’s goods and services prices, about to reduce from 0.8% on October down to -0.1%, and the Core PPI (not including energy and food) is due to decrease from  0.2% down to 0.1%.

Last week, Canadian dollar dropped due to growing demand for U.S. currency following Italy’s bond turmoil, but this reversed. Housing starts increased more than anticipated reaching 208,000 from 192,000 in August and new housing price index climbed 0.2% in line with predictions. Will the EU turmoil affect growth in the Canadian market?

 Group of Twenty (G20) Meetings (Day 1) influent the worldwide policy-making body that is operating at the maximum level and can affect the money markets.