The data calendar is fairly light this week, with the anniversary of September 11 and a speech by U.S. Federal Reserve chairman Alan Greenspan likely to be the big events.

“In the U.S., economic data will take second stage to other events in shaping markets. September 11 is likely to keep markets in a quieter mood for the earlier part of the week, but things could heat up thereafter,” observes CIBC World Markets. “Greenspan appears before the House Budget Committee, and we would expect him to echo the sentiments of other FOMC members, suggesting that the Fed doesn’t see any urgency to cut rates.”

“We do not think he will strongly suggest rate cuts lie ahead, but he won’t rule them out,” predicts BMO Nesbitt Burns.

“Greenspan is likely to pour further cold water on hopes for a rate cut in a scheduled testimony before the U.S. Congress, sticking to the same script as that used by his counterparts over the past few weeks,” says TD Bank.

Greenspan’s speech is slated for Thursday, following the release of the Beige Book on Wednesday. Friday brings the Producer Price Index and retail trade numbers. “Look for a soft figure on ex-auto retail sales on Friday to provide a bit of a counter to both July’s huge gain and the still-healthy figures for unit auto sales. We also expect no significant change in the Michigan sentiment readings, which have pointed to weaker consumer spending over the balance of the year,” counsels CIBC.

BMO says that this week’s data is “not of large importance”. “Deflation of goods prices has become very apparent at the retail level and we expect core PPI to remain well behaved. Consumer spending has been focused on car sales, which have benefited from big incentive programs. The August vehicle sales results show more of the same, with Detroit ’s performance papering over weakness in other categories of retail spending.”

In Canada, the Ivey Purchasing Managers Index is out on Monday. Housing starts are due on Tuesday, and capacity utilization numbers are out on Wednesday. “The boom in housing starts is alive and well, as this week’s report is expected to echo the record levels seen in earlier permits data. We’re not fans of the Ivey Purchasing Manager’s report in terms of the predictive power of its non-seasonally adjusted measures, but we expect this month’s report to rebound from what was likely just a seasonal decline last month,” says CIBC.

“Given that residential building permits jumped 6.2%in July, we would look for another solid reading from starts,” predicts BMO. It looks for the Ivey index to nudge back above the 50 mark in August.

The earnings schedule is also rather light. Sobeys Inc. reports on Tuesday. Van Houtte Inc. has its announcement on Wednesday. And, Empire Co. reports on Thursday.