U.S. inflation data on Wednesday could add to growing pressure on the Federal Reserve to raise interest rates.
Economists polled by Reuters expect the July consumer price index to rise 3.4% year on year. Core CPI, which excludes volatile food and energy prices, is forecast to increase 2.5% annually.
Producer price data due a day later will provide a fuller picture of inflation. CPI and PPI figures in the previous month were softer than expected, but inflation remains above the Fed's 2% target.
Retail sales data on Aug. 14 cap a busy week for economic releases.
The Fed held rates steady last month, but three policymakers dissented in favour of a hike. Markets are pricing in roughly even odds of a hike at the Fed's next meeting in September.
Things are different down under.
The Reserve Bank of Australia is expected to leave rates unchanged on Tuesday as policymakers assess whether the three hikes delivered this year have done enough to tame inflation.
Recent data showed consumer prices rose at a slower pace in the June quarter, a day after RBA Governor Michele Bullock said the central bank stood ready to raise rates again if needed.
Analysts suspect the RBA to maintain a hawkish stance.
Also in the tightening camp, Norges Bank meets on Thursday but is similarly expected to keep rates on hold, after Norway's core inflation slowed in June.
New Prime Minister Andy Burnham will be hoping for good news when Britain publishes GDP data on Thursday for both the second quarter and June.
The monthly figures could see a bounce. June retail sales were unexpectedly strong, helped by spending linked to the soccer World Cup and hot weather.
Lower energy prices that month during the short-lived U.S.-Iran deal could also have helped.
However, the quarterly figure could be less encouraging, as strong growth in the first three months of the year fizzled out in April and May.
Still, Burnham, who took power in July, will be hoping for a surprise similar to that seen in the euro zone. Preliminary data showed the bloc expanded faster than expected in the second quarter. An updated euro zone estimate is also due Thursday.
SPY•
