In the euro area the trade balance for June will give insight into whether the end of the recession was driven by growth abroad.
ECB will announce the weekly repayment of the 3Y LTRO. The weekly LTRO repayment has been decreasing and last week's announcement was the second lowest so far.
We expect to see a rebound in the US housing market from last month's soft readings, as both housing starts and building permits are expected to increase.
The preliminary release of the University of Michigan consumer confidence should give us some insight into how US consumer sentiment developed over the month. We expect a little fall, whereas consensus is for a minor increase. If there is a setback, confidence will remain high as the reading in July was the highest since 2007.
Euro area releases final CPI for July, which is expected to be unrevised at 1.6%. Core inflation is expected at 1.1%, also in line with the flash estimate.
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