Japan's second quarter GDP is anticipated to be revised down to an annualized rate of -0.7 percent, reflecting contraction in the economy for the first time in two and a half years.

This Friday, the non-farm payrolls report for the month of August will be released, and the indicator is a proven market mover given its popularity as a barometer for conditions in the US labor market.

The ECB is now widely expected to leave rates steady at 4.00 percent, but traders will be looking for signals of a rate hike later in the year.

On Wednesday, the US will get the last piece of July housing data when the National Association of Realtors’ pending home sales report will be released.

The weaker US dollar has helped contribute to the ‘new export orders’ component, as American products prove to be cheaper and more attractive.

The Q2 GDP report showed that capital investment climbed 1.2 percent and remains a driver of Japanese expansion.

The markets will get a taste of consumption data for the beginning of the third quarter on Friday, as personal spending for the month of July will be released.

The release of the second reading of US GDP for Q2 could prove to be market-moving on Thursday, as expansion is anticipated to be revised up to 4.1 percent – the best rate of growth since Q1 2006.

The release of the second reading of US GDP for Q2 could prove to be market moving on Thursday, as expansion is anticipated to be revised up to 4.1 percent – the best rate of growth since Q1 2006.

The release of the minutes from the FOMC’s August 7 meeting didn’t shed any new light on the central bank’s policy stance, as the meeting occurred just days before market volatility spiked and risk aversion started to reign on August 9.