All eyes on Wednesday will be on the release of consumer price data in the UK which economists at Barclays Research said may show that core inflation had likely peaked.
Headline CPI was seen accelerating from an annual rate of increase of 10.1% for September to 10.7% last month, although Barclays had penciled in a smaller gain to 10.3%.
In parallel, consensus was for a dip in core CPI from 6.5% to 6.4% (Barclays: 6.2%).
Barclays further noted that the expected hit to households from higher energy bills had been largely offset by government transfers not captured by the CPI data.
Against that backdrop, investors will be waiting on a deluge if US activity indicators with the latest reading of retail sales perhaps the most likely to influence financial markets.
At 1330 GMT, the Department of Commerce was expected to reveal that retail sales volumes jumped at a month-on-month pace of 0.9% in October, although economists at Barclays Research were anticipating a rise of 1.4%.
Also due out were reports for import prices, industrial production and the NAHB’s monthly housing market index for November.
New York Fed boss, John Williams, was also due to deliver a speech, from 1450 GMT.
Across the Channel meantime, European Central Bank chief, Christine Lagarde, was due to deliver remarks at the European School in Frankfurt, from 1500 GMT.
Wednesday 16 November
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