CPI Data and Walmart Earnings to Impact Markets Amid Summer Slowdown

The UK and US economic calendars are relatively quiet this week due to the summer slowdown, but there are still some key events that could impact markets. On Wednesday, the UK will release its July Consumer Price Index (CPI) data, which is expected to show a 0.4% month-on-month increase and 2.9% year-over-year rise. The core CPI is forecasted to slow to 2.5% year-over-year.

The Bank of England's next interest rate decision won't be until September 17, so the inflation data may not have a significant impact on the GBP/USD pair. However, a hot CPI figure could be bullish for the pound, while anything in line with or cooler than expectations might weaken it.

On Wednesday, the US Federal Reserve will also release its July meeting minutes, which could provide some insight into the committee's tone and potential future rate hikes. The USD/JPY pair has been rebounding after intervention by the US and Japan, and may continue to rise if the Fed's lack of forward guidance leads to dollar strength.

On Thursday, Walmart is expected to report its fiscal Q2 2027 earnings, which are forecasted to be $0.74 per share, up 9.1% year-over-year. The company's options positioning is neutral heading into the results, and technical charts suggest resistance around $115, with potential for a breakout above that level.