German Q2 GDP (% QoQ): Consensus: 0.7; Prior: 0.6
Despite a weakening of industrial production and exports in June, the German economy appears to have built up sufficient momentum over the course of Q2 that GDP growth likely accelerated compared to Q1.
UK July CPI (% YoY): Consensus: 2.7; Prior: 2.6
As the surprisingly low June consumer price inflation print was likely negatively impacted by holiday effects, some rebound in July is likely. Beyond this technical effect, we overall expect inflation to remain on a gradual downtrend in the UK as currency depreciation effects are fading out.
US July retail sales (% MoM): Consensus: 0.3; Prior: –0.2
Labor market conditions remain excellent and consumer sentiment indicators are hovering at elevated levels. Hence, some recovery in retail sales is expected in July, following two months of declines.