Services have been a driver of inflation in developed markets around the globe and as such it's the services PMI that'll steal the focus in the PMIs. Flash PMIs are coming up from Europe, the UK and the US.
Higher than expected will means traders begin to weigh a September rate hike from the FOMC, and lower than expected should ease fears of more hikes after this July meeting. The Federal Open Market Committee (FOMC) meet this week, the statement is due Wednesday at 1800 GMT, 2pm US Eastern time. Federal Reserve Chair Powell will, as always, have his press conference a half hour later.
