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AUSTRALIAN DIARY: Everything you need to know about the week ahead for markets

It's a light data calendar this week, with market cues more likely to come from central bank policy, politics and trade developments.

The Australian dollar roared higher again on Friday night to close above US73 cents for the first time since August.

It followed comments on the rates outlook by US Fed vice-chair Richard Clarida, which left a question mark over the pace of future rate hikes.

In response, the US dollar fell across the board and benchmark US 10-year bond yields fell to 3.08%.

ASX futures closed 17 points higher after US stocks posted a modest gain on Friday night.

To the week ahead:

Australia

Local events will be headlined by RBA minutes from the bank's November meeting on Tuesday (11:30am AEDT).

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The minutes "are not expected to offer any major surprises", ANZ's currency strategists said.

"The data pulse in Australia remains positive, which may continue to support the Australian Dollar squeeze," they said.

"However, we are cautious, as risk-off moves could return" ahead of the G20 summit later this month.

There's also a speech by RBA governor Philip Lowe on Tuesday night called "Trust and Prosperity", and Westpac's leading index for the Australian economy is out on Wednesday.

International

Italy's budget dilemma will be back on the radar, after the Italian government resubmitted its draft budget and kept the deficit at 2.4% of GDP.

"However, the submission was smoothed, proposing safety clauses to prevent overshooting. Nonetheless, failing to meet fiscal rules might lead to a sanction," ANZ said.

The European Council is is scheduled to issue its response on Wednesday night.

And there was more strong trade rhetoric from US Vice-President Mike Pence over the weekend, who said the US won't back down on the trade war until China agrees to its demands.

On the data front, markets will get an update on the US housing outlook, with the NAHB housing market index on Monday night and building permits / housing starts on Tuesday.

There's also US durable goods orders on Wednesday, then a wave of manufacturing/services PMIs across the globe on Friday.

This week's full calendar: (via ANZ):