The focus for this week is on the strength of US and Canadian retail sales for June. Consumer inflation in Canada for June and New Zealand for the second quarter is seen slowing further. The CPI increase in the UK is also expected to ease in June but remain high. China's retail sales, industrial production and fixed asset investment for June are all forecast to be slowing from May as the economy is struggling to recover from the pandemic-caused slump.

The data calendar for North America is thin on Monday.

The New York Fed's Empire State manufacturing index is expected to fall back to minus 3.0 in July from plus 6.6 in June, when it picked up from minus 31.8 in May.
The index has been swinging wildly at the headline level though expectation readings for future improvement have been steady and positive.

The Reserve Bank of Australia will release the minutes of its July 4 meeting at which left its main policy rate unchanged at 4.10 percent, as largely expected, after unexpectedly raising the rate by 25 basis points last month. Some further tightening of monetary policy may be required to ensure that inflation returns to target in a reasonable timeframe, but that will depend upon how the economy and inflation evolve, Governor Philip Lowe said in a statement, repeating his remarks in June.

Market Focus details key factors in the coming day that will impact the economic outlook and the financial markets. These include central bank events, economic indicators, policymaker speeches as well as expected political and corporate developments.

Keeping up-to-date with event schedules and the economic calendar is key to understanding the global financial system. Econoday's Market Focus allows investors and policymakers to carefully track what will be making news and moving the financial markets in the coming day.