This week is all about wages growth in Australia. The December quarterly Wage Price Index is arguably the most important data released so far this year from an inflation and interest rate setting perspective. The semi-annual update on average weekly earnings will also be keenly observed. The CBA Business Sales Indicator of economywide spending is issued for the month of January on Tuesday.

Data releases are light in a holiday-shortened week in the US. The main interest will be the minutes from the last US Federal Reserve policy meeting in January. Chinese property prices are scheduled to be released at the end of the week.
By Ryan Felsman, Senior Economist, CommSec