Personal spending in the US is expected to have jumped 0.7 percent during the month of May, which would mark the biggest rise in six months as consumers spend more at gasoline stations and purchase building materials as the weather warms up.

Expansion in New Zealand is anticipated to contract for the first time in just over two years during the first quarter, as GDP is expected to fall 0.3 percent and drag the annualized figure down to 2.1 percent from 3.7 percent.

Heightened uncertainty surrounding the US Federal Open Market Committee’s interest rate decision at 14:15 ET virtually guarantees volatility across almost all asset classes - making it the most important event to watch in the week ahead.

On Tuesday, the release of US economic data will likely highlight some of the reasons why traders are ramping up speculation that the country is in midst of a recession.

Sentiment amongst Germany businesses is likely to turn more pessimistic in June, according to the IFO survey.

The release of Canadian consumer spending data is likely to add to evidence suggesting that the Bank of Canada will leave rates unchanged going forward, and may even consider raising rates.

The release of Canadian inflation data is likely to remind the markets of the Bank of Canada's surprise decision to leave rates steady at 3.00%.

The minutes from the Bank of England's June meeting presents major event risk for the markets as they are likely to reflect much of the same hawkish sentiment seen in the meeting minutes from May.

An expected rise in the UK consumer price index above 3.0 percent will force Bank of England Governor Mervyn King to write a letter to Chancellor of the Exchequer Alistair Darling explaining how he plans to bring CPI back to their 2.0 percent.