Monday

3 am – China GDP Q2: growth expected to be 5% YoY, from 5.3%. Markets to watch: CNH crosses

1.30 pm – US Empire State manufacturing index (July): forecast to remain at -6. Markets to watch: USD crosses

5 pm – Fed chairman Powell speaks: the Fed chairman is speaking at the Economic Club in Washington DC. He may well comment on the recent CPI weakness and the potential outlook for US interest rates. Markets to watch: US indices, USD crosses

Tuesday

10 am – German ZEW index (July): expected to fall to 46. Markets to watch: EUR crosses

1.30 pm – US retail sales (June): forecast to rise 0.1% MoM. Markets to watch: USD crosses

1.30 pm – Canada CPI (June): prices forecast to rise 2.9% YoY. Markets to watch: CAD crosses

Wednesday

7 am – UK CPI (June): prices are expected to rise 2% YoY and 0.2% MoM. Core CPI to rise 3.5% YoY, in line with the previous month. Markets to watch: GBP crosses

3.30 pm – US EIA crude oil inventories (w/e 12 July): stockpiles fell by two million barrels in the preceding week. Markets to watch: Brent, WTI

Thursday

2.30 am – Australia unemployment rate (June): forecast to hold at 4%. Markets to watch: AUD crosses

7 am – UK employment data: The unemployment rate is expected to hold at 4.4% in May, while average earnings (including bonuses) are forecast to rise 5.6% from 5.9%. Markets to watch: GBP crosses

1.15 pm – ECB rate decision: rates expected to be held at 4.25%. Markets to watch: eurozone indices, EUR crosses

1.30 pm – US initial jobless claims (w/e 13 July): claims fell to 222K in the preceding week. Markets to watch: USD crosses

Friday

12.30 am – Japan inflation (June): prices are expected to rise 2.8% YoY, in line with May, and core CPI to rise 2.4%, from 2.5%. Markets to watch: JPY crosses

7 am – UK retail sales (June): forecast to rise 0.5% MoM from 2.9%. Markets to watch: GBP crosses