It may only be a matter of time before the UK consumer will cut back on discretionary spending, especially as the effects of the Bank of England’s tightening cycle earlier in the year starts to come into play.

There is a major risk that the September CPI readings, at least the headline figures, will actually prove to be stronger-than-expected, and will only exacerbate the sentiment that the Federal Reserve will not cut rates on October 31.

If New Zealand's consumer prices for the third quarter prove to be stronger than expected, forex markets will likely respond in the sharpest manner and send NZD/USD higher.

The release of US retail sales for the month of September could prove to be a big market-mover on Friday, as fixed income, forex, and equity traders will be looking to gauge the status of the American consumer.

The release of the US import price growth could stir speculation that rising inflation pressures will prevent the Federal Reserve from cutting rates again on October 31.

Wholesale sales and inventories in the US are expected to edge higher during the month of August, with the former estimated to rise a mild 0.2 percent and the later forecasted to gain 0.3 percent -- in line with stronger inventory readings in the ISM non-manufacturing figure for the same period.

The Federal Reserve said that they would consider more options "closely" after the September meeting, but that all future actions depend on the economy and market developments.

UK producer price data are expected to surge higher and could signal that inflation pressures are building up rapidly, which could severely limit the ability of the Bank of England to cut rates this year.

The result of the September US non-farm payrolls (NFPs) has been eagerly awaited ever since the index unexpectedly dropped for the first time in four years by 4,000 in August.