The macro data calendar is heavy this week in the UK and US and may provide further guidance as to the path for US and UK interest rates in coming months. In the US June retail sales, industrial output and housing data and July Philadelphia Fed and Empire State manufacturing indices are due for release and Federal Reserve Chairperson Powell testifies on Tuesday and Wednesday. In the UK markets will be paying attention to June labour market, CPI-inflation and retail sales data as well as Bank of England Carney’s speech on Tuesday. The Reserve Bank of Australia publishes its meeting minutes on Tuesday and Thursday sees the release of June employment data and NAB Business Confidence while in New Zealand CPI-inflation data for Q2 are due for release late tonight. The data calendar is very light for the Eurozone and Switzerland.
