The ongoing standoff between Iran and the US is expected to remain a key driver of energy prices and a major influence on global interest rates, after Washington chose to intensify economic pressure on Tehran rather than signal a renewed diplomatic push. Monetary policy will also be in focus, with the release of minutes from a contentious Federal Reserve meeting that saw three dissenting votes. The European Central Bank will publish its own meeting accounts.
In the US, the data calendar is led by flash S&P PMIs, as well as building permits, trade figures, and industrial production. PMI releases are also scheduled for the Eurozone, Japan, Australia, India, and the UK. Both the UK and Canada will report inflation and retail sales figures, while the Eurozone and Germany will release their ZEW Economic Sentiment indices.
Japan will publish its Q2 GDP, trade balance, and inflation data. China will release industrial production, retail sales, and housing price figures, and will join Australia, the UK, and Canada in reporting unemployment data. In Scandinavia, Sveriges Riksbank is set to announce its latest interest rate decision.
