In the US, Elizabeth Duke, Federal Reserve Governor is due to speak in Virginia.

British QE expansion is likely in February, and more and more QE means more money printing, and this eventually takes its toll in devaluing the currency.

In the US, National Association of Home Builders (NAHB) Housing Market Index is expected to rise by 1 point up to 21 points on this monthly survey.

The eurozone crisis and the global slowdown continue to batter Britain’s weak economy. The Treasury is forecasting that growth in 2011 will be a weak 1.1%, well down from the 2% projection at the beginning of the year. There is a strong chance that the economy will dip into a recession in early 2012. The economic indicators do not paint a pretty picture. Consumer confidence is very low, unemployment is high, at 8.3%, and keys sectors such as retail and manufacturing continue to struggle.

In the US, Existing Home Sales, monthly indicator to value the sold uptown houses over the last month (without new building), reduced is forecasted from 4.91M on October down to 4.82M now.

British inflation dropped to 5%, still far above the official target, but what’s really worrying the central bank is the high unemployment, which will eventually lead prices to fall. We’ll get to hear more from the BOE in the meeting minutes.

In the US, Charles Evans, Federal Reserve Bank of Chicago President, is due to lecture in Detroit.

While the rise in jobless claims was smaller than expected, the unemployment situation remains very worrying in Britain. Also manufacturing continues to slump. A point of light was a smaller trade balance deficit.

In the US, National Association of Home Builders (NAHB) Housing Market Index, Monthly Survey to determine the present and upcoming single-family household sales, 15 points are expected like on August.

Inflation remains high in the UK, but this isn’t a great concern at the moment. The pound was relived by a not-so-bad jobs report, although the situation remains worrying, and the door for more QE is still open.