Economic calendar: Quiet Monday

- Polish data on the agenda
- Empire NY index expected to recover greatly
- RBA to publish minutes over the night

As it is usually the case for Mondays, economic calendar is almost empty. The final Polish price growth data for June will be released at 9:00 am BST and it is expected to show 2.6% YoY as signalled in the preliminary reading. Polish current account data for May will be published at 1:00 pm BST. The reading is expected to show a decline to €460 million from €718 million in April. The New York Empire Manufacturing index for July is the only noteworthy release from the US scheduled for today (1:30 pm BST). The index is expected to greatly recover and move from -8.6 pts to 1 pts. John Williams, President of the New York Fed, will deliver a speech at 1:50 pm BST. The speech will focus Libor rate but Q&A session held afterwards may touch on the topic of monetary policy more directly. Last but not least, the Reserve Bank of Australia will publish minutes from the July’s meeting over the night (2:30 am BST).

Daily summary: Inflation spooks US equities
Wendy’s stock jumped on upbeat earnings, yet pared all gains
US crude inventories fell just slightly - EIA data shows
Ichimoku patterns : NIKKEI (JAP225)
BREAKING: US CPI inflation soars 4.2% YoY in April
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