First up we have the release of the IFO Business Climate figure out of Germany, expected at 112.9, which indicates how confident manufacturers, builders, wholesalers and retailers are regarding the future prospects of the country, and given the size of the economy, for the EU at large. A better than expected release will imply a higher than expected confidences which will translate to a strengthening of the EUR while a lower than expected release will imply a dip in confidence and likely see the EUR sold off as markets price in the new information.
Out of the UK, we have the release of the all important Inflation Report Hearing, which will be watched closely by markets as they try gauge the post Brexit climate in the UK, the Bank of England (BOE) will take the results of these hearings into account when next they meet to decide on monetary policy, therefore any signs of an increase in growth in the UK and subsequently inflation, will bode well for the sterling as prospects for more easing are priced out. However, worse than expected inflation conditions will see the GBP lose ground as market prepare for more stimulus from the BOE.
Finally we see the release of the Wholesale Sales m/m figure out of Canada, which will indicate the month to month change in the total value of sales at the wholesale level. The figure is regarded as a leading indicator of consumer spending as retailers will be required to increase purchases to meet the demand by consumers. A better than expected release will see the CAD strengthen as markets price in the uptick in demand while a lower than expected release will see the CAD weaken as markets price in the fall in demand.