The first inflation figures in the euro area for July are due for release with the German, French and Spanish figures. The euro appreciation during July should not yet result in lower inflation, but we look for the German HICP inflation figure to go lower as package tours should be less supportive. See Euro area research: Stronger EUR keeping inflation far from the ECB's targe t, 27 July 2017.
We will also get information about economic growth in the euro area in Q2 with the French and Spanish GDP growth figures due for release.
US GDP growth is also due for release and we have a below-consensus forecast of 2.3% q/q AR, reflecting slower growth in private consumption and less contribution from fixed investments than expected when entering the quarter.
In Scandinavia, focus is on the Norwegian labour market figures and Swedish GDP growth for Q2 where we look for a pickup in economic activity to 3.0% y/y from 2.2% y/y in Q1. Finally, Norwegian and Swedish retail sales are due for release.
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