In the UK, the focus will be on the release of the Monetary Policy Committee minutes which should reveal the voting pattern behind the decision to keep interest rates on hold. Market participants will get a view on the likely rate of growth of the British economy during the second quarter through the Gross Domestic Product forecast figure. Meanwhile, retail sales figures are also due to be released this week. The CBI July quarterly industrial trends survey which, among others, provides a view on past and expected trends in output, exports, prices and business confidence will close this week's data release.

In the US, the economic data release is rather thin, albeit the Beige Fed Book which is due to be released this week will give markets a broad overview on the US economy. It will also contain comments that seek to predict trends and anticipate economic changes over the next few months. A further view over the housing market will be provided by the release of various housing indicators in particular the House Price Index, MBA Mortgage Applications and New Home Sales data for June. The final University of Michigan Confidence survey is also due to be released this week. In conclusion, Friday will bring the durable goods order which shall include both headline as well as ex-transport orders. On the other side of the Atlantic, the Composite (manufacturing and services) Purchasing Manager Index (PMI) is likely to decline further against the backdrop of weakening in demand. Industrial production data is also expected to show a sharp decline in May following unexpectedly poor figures in Germany and France. Also important will be the release of the M3 figures along with the Eurozone current account data. Italian consumer confidence, retail sales and French consumer spending will give markets a view on the consumption patterns within specific regions across the eurozone. Elsewhere on the manufacturing side, the Spanish trade balance and the Producer Price Index (PPI) completes this week's schedule.

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