Economic Events and Analysis
Week of July 27 - 31
US Calendar: Manufacturing opens the week with durable goods where orders have been struggling. Housing and the consumer, two positives for the economy, are Tuesday's focus with Case-Shiller home price data and the consumer confidence report. Wednesday morning, pending home sales will offer leading indications on housing but attention will be on the mid-afternoon FOMC announcement and updates on the Fed's view of the economy and monetary policy. The first look at second-quarter GDP, seen at a moderate plus 2.9 percent, will dominate Thursday's headlines while the employment cost index, a very closely watched gauge for wage inflation, will be the talk on Friday.

Global Calendar: This week makes up for last week’s lack of new economic data. It is the last week of the month so Japan will release its slew of data for June including industrial output, household spending and retail sales. The June CPI will also indicate if any progress is being made in the fight against deflation. Both the UK and US release first estimates of second quarter growth. And the FOMC announces its monetary policy decision on Wednesday.