At 12:30 GMT, Chicago Fed National Activity Index (Apr) is expected to be 0.14 from a previous 0.10. This data has held above the zero level for 2018 with a spike higher to 0.88 in the February reading.
This shows a healthy economy with the 2018 average at a higher level than previous years. Slip under zero can cause a market reaction but is not a worry in itself with the normal range re-establishing itself. USD crosses can see spikes in volatility during this time.
At 16:15 GMT, FOMC Member Bostic is due to speak about the economic outlook and price-level targeting at the Atlanta Economics Club. Audience questions are expected afterwards. USD volatility can increase during this event.
Major data releases for this week:
On Wednesday at 08:30 GMT, UK Consumer Price Index data will be released.
At 18:00 GMT, The FOMC Meeting Minutes will be released.
On Thursday at 11:30 GMT, ECB Monetary Policy Meeting Accounts will be published.
On Friday at 13:00 GMT, Fed Chairman Powell will be speaking.