It's a big week ahead for second-quarter growth data, but overshadowing all is Wednesday's Federal Reserve policy meeting from which investors hope to divine clues on the next rate move and stimulus withdrawal.
Also on Wednesday's economic agenda is the preliminary estimate of second-quarter gross domestic product (GDP) in the UK – the big question is: did growth improve in the second three months?
A trio of blockbuster economic events is crowned on Friday with US second-quarter GDP and personal consumption expenditures – the Fed's favoured measure of inflation.
US monetary policy
A shame, then, that the US central bank doesn't get the latest growth assessment and inflation data until two days after its policy decision is made.
Recent softness in core inflation has prompted several economists to wind back their expectations for rate increases in the US this year.
Core consumer price inflation rose by annualised 1.6% in June, while personal consumption expenditure, the Fed's favoured inflation measure, rose 1.4% in May.
Dollar weakness has exacerbated the disinflationary environment in recent months. The greenback is now down more than 8% this year.
Capital Economics now expects just one more quarter-point rate increase this year – in December – rather than two. It no longer expects a September hike.
Many were surprised Fed chair Janet Yellen declined to give any details about stimulus withdrawal at her recent Congressional testimony, but Capital expects further news at Wednesday's press conference.
"We would not be surprised if the Fed announced the precise timing of 'normalisation' at its meeting next week, but we wouldn’t expect this to do much to unwind the dollar’s recent weakness as the initial pace of balance sheet shrinkage is set to be extremely gradual," says Capital's Oliver Jones.
UK gross domestic product
Hopes that the first quarter's limp 0.2% growth rate will be eclipsed in the second quarter remain unblemished, but just how much better remains to be seen.
While purchasing manager survey's (PMI) in March and April indicated growing confidence in a recovery in business activity, the indexes for both manufacturing and services have indicated slowing growth since May.
Meanwhile, the gap between inflation and wages has put a strain on consumer confidence and, although retail sales bounced robustly in June, it was coming off May's four-year low.
Analysts expect a quarterly growth rate of 0.4% in the second three months, leaving the annual rate at 2%.
"Growth in services has offset a contraction in industrial output, yet remains subdued when compared with last year," says Rebecca Piggott at the National Institute of Economic and Social Research.
US gross domestic product
In the US too, initial signs of a pick up in business activity in the first weeks of the second quarter have faded as recent retail sales, manufacturing production and inflation data have disappointed.
Annual GDP in the first quarter fell to 1.4% after running at 2.1% in the final three months of 2016, yet analysts still believe the economy has done enough between April and June to register 2.5% annualised growth.
It wouldn't be a big surprise to see this – some believe it could go as high as 3% thanks to the dollar's tumble since the start of the year improving the export environment.
The US second-quarter GDP report is published on Friday.
Eurozone purchasing managers
Services and manufacturing reports from Europe's purchasing managers are published on Monday by IHS Markit amid growing suggestions the eurozone economy could soon outperform the US and UK, in percentage growth terms.
Growth as measured by purchasing managers' indexes (PMI) recently has remained robust, although slowing a little from peaks seen earlier in the year.
In June, the services sector PMI slipped to 55.4 from 56.3 in May. Any 50+ number indicates growth, the higher above 50, the stronger the growth. Analysts expect July services PMI to edge back up to 55.6.
Manufacturing has remained largely on the up, accelerating to its fastest pace of growth in six years in June – up to 57.4 from 57 in May.
While further growth wouldn't surprise the markets, analysts expect a slight moderation to 57.2. The composite index of services and manufacturing is seen staying flat at 56.3.
US durable goods and wholesale inventories
Durable goods orders is a useful measure of consumer spending on big-ticket items like motor vehicles, white goods and other large appliances, and in May orders sank by 1.1% as new orders fell.
Forecasts indicate a strong bounce in June, with analysts predicting a 1.9% bounce.
With this strong bounce expected in durable goods, wholesale inventories should start to decrease following May's unexpectedly high gain of 0.4%. Analysts expect a flat reading for June.
Other survey data
On Tuesday, Germany's IFO Institute publishes its influential monthly report on business sentiment. After hitting a record high of 115.1 in June, analysts forecast a fractional easing to 114.9 in July.
Other measures being reported this week include eurozone industrial and business confidence, UK GfK consumer confidence, US Chicago Fed survey, UK CBI industrial trends and distributive trades.
Lots of big corporate results out this week on both sides of the Atlantic.
In the US on Monday, interims from Google owner Alphabet and Haliburton; on Tuesday, 3M, AT&T, Catepillar and GM; Wednesday brings Coca-Cola, Facebook and Ford. Thursday sees Amazon, ConocoPhillips, Intel and Twitter, while Friday's main earnings reports are from Chevron and ExxonMobil.
In the UK on Monday it's Reckitt Benckiser; Tuesday sees Rio Tinto and on Wednesday, reports from GlaxoSmithKline, ITV and Tullow Oil. On Thursday we have Anglo American, AstraZeneca, British American Tobacco, Diageo and Lloyds Banking Group; and Friday brings Barclays and BT Group.