ECB to decide on rates

In the US, markets will focus their attention on a number of employment figures, in particular the unemployment rate, change in non-farm and manufacturing payrolls as well as the initial jobless and continuing claims, all for June.

The MBA Mortgage Applications will provide a further insight on the state of the US housing market. In terms of consumer sentiment, market participants will receive the ABC consumer confidence survey. Markets will also asses the state of the US industry through the Institute of Supply management (ISM) with the manufacturing survey along with the factory orders for May. On the other hand, the ISM Non-Manufacturing Composite will measure the activity level, new orders, employment and supply deliveries of purchasing manager in the services sector.

On the other side of the Atlantic, markets will be avidly awaiting the rate decision from the European Central Bank. Markets will also have a number of other important data releases: the areawide final manufacturing and services Purchasing Manager Index (PMI) for June will provide a view on the strength of the eurozone manufacturing and services sectors. Elsewhere, market participants will also look at the Producer Price Index (PPI) for May, along with the estimate Consumer Price Index (CPI) for June. The eurozone unemployment rate and the retail sales figures, both for May, will close this week's data release.

In the UK, markets will go through the Bank of England second quarter credit condition survey, which is expected to give a view on the availability and demand for credit in Britain. In terms of credit, markets will also delve into the net consumer credit figures and mortgage approvals for May as well as the Nationwide house price figures for June. Markets will also see the release of the Manufacturing, Services and Construction Purchasing Manager Index for June. The M4 Money Supply and M4 Sterling Lending will close this week's flow of data releases.

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