Next week brings a rush of economic news along with several central bank monetary policy committee meetings. The Bank of England's monetary policy committee is expected to leave rates on hold following recent stronger than expected inflation and retail sales data. The European Central Bank meets Thursday and it is not certain whether a consensus on the Governing Council exists to cut the policy making interest rates from its current 4.6 percent level. The news on economic performance continues to deteriorate. Although inflation has eased slightly in June, it remains significantly above the Bank's inflation goal of 2 percent. And money supply data released Friday surprised on the upside.

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