After a turbulent last week, the week that is now beginning may prove to be interesting from the perspective of macroeconomic publications. They may have an impact on individual currencies and on the stock market.

The earnings season on Wall Street will continue with reports from major retailers including Walmart and Home Depot, as well as Target, Cisco Systems, Lowe's and Deere
In the United States this week investors may closely follow the speeches of several Fed representatives, including the speech of Fed Chairman Jerome Powell. All this in order to dig for information regarding the interest rate hike cycle.

Retail sales data may show that consumer spending increased in April, while industrial production data, the NY Empire State Manufacturing index and the Philadelphia Fed Manufacturing index will likely indicate a slowdown in the manufacturing sector. Data on home construction starts, building permits, sales of existing homes and the NAHB Housing Market Index will likely show that the housing market is cooling. The earnings season on Wall Street will continue with reports from major retailers including Walmart and Home Depot, as well as Target, Cisco Systems, Lowe's and Deere.

Meanwhile, in the U.K., where the British pound appears to be under a lot of pressure, a lot of interesting data will be published. Consumer inflation likely rose to 9.1 percent last month, which would be the highest reading since at least 1991, and Gfk retail sales, labor productivity and consumer confidence data will also be reported. Investors will follow Monday's hearing of the Bank of England's monetary policy report before the Treasury Committee, which will be attended by Governor Andrew Bailey.

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