Inflation growth in the UK is expected to slow during the month of July, with the headline CPI figure estimated to drop 0.2 percent from the month prior, and possibly dragging the annualized rate to a 14-month low of 2.3 percent.

With softness in the housing sector still clearly an issue, spending on furniture and building materials isn’t likely to see gains.

Canadian employment conditions are expected to tighten further in July, as 20,000 workers are estimated to have been added to the labor force, which would keep the unemployment rate at a 33-year low.

The Australian labor market is anticipated to improve even further in July, as the employment change is estimated to rise 25,000.

The Reserve Bank of Australia is widely expected to raise their cash target by 25 basis points to a nearly 11-year high of 6.50 percent.

There is little doubt that the Federal Open Market Committee will leave rates steady at 5.25 percent on Tuesday at 14:15 EST, as Federal Reserve Chairman Ben Bernanke told Congress in mid-July that the central bank is not convinced that the improvements made in lowering inflation can be maintained.

UK industrial production growth is anticipated to slow in June although factory output should still hold at the best levels in almost six years, as higher interest rates have yet to derail the recovery of the manufacturing sector.

The non-farm payroll report is becoming increasingly important as continued health in the US labor market is necessary to maintain personal spending growth, which makes up nearly 70 percent of the economy.

On Thursday, the European Central Bank is expected to announce that they are leaving their benchmark overnight lending rate at 4.00 percent for the second consecutive month.

While you wouldn’t know it by looking at the US dollar, bond markets have shifted towards pricing in a 100% chance of a 25 basis point rate cut by the Federal Reserve in January.