Focus on inflation around the world this week

• Japanese preliminary quarterly GDP growth for Q2 is expected to be stronger at around 0.8% at 23.50 GMT tonight
  
• The RBA's minutes are due tomorrow morning at 1.30
  
• Chinese annual industrial production, expected at 2.00 tomorrow, is seen holding at 4.4%
  
• The British job report tomorrow is 6.00 is a critical release for the pound and FTSE 100. The consensus is for a strong release: negative 30,000 claimants, unemployment holding at 4% and total average earnings up about 7.3%
  
• Canadian annual non-core inflation is expected to increase to 3% at 12.30 tomorrow
  
• British annual headline inflation has a consensus of a drop more than 1% to 6.8% on Wednesday at 6.00; the core figure is also predicted to drop to 6.8%. This release is likely to cause significant volatility for the pound, especially if the figures diverge from the consensus
  
• The FOMC's minutes are due at 18.00 on Wednesday
  
• Japanese annual headline inflation could increase to 3.4% and the core drop to 3.1% on Thursday at 23.30
  
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This is an active week on the economic calendar, especially for the pound sterling, although seasonally it's among the slowest weeks of the year for many European instruments. The pound could be due a correction in various pairs, some of which have reached highs of several years, notably GBPNZD and GBPJPY.

Major companies releasing earnings in the next few days include Home Depot, Tencent, Cisco and Walmart.