US import and export prices due up at 12.30 GMT

We get a look at one part of the US price picture in a short while. July US import prices are expected to fall -0.3% vs 0.2% in June. Export prices are touted to come in flat vs 0.8% prior.

We're not really getting any trend month to month but import prices have picked up swiftly from the 2015 lows.

US import prices y/y

The lower dollar is obviously going to make imports more expected and that continuation is going to bring a similar event that the BOE is facing. The difference though is that the US exports much more, even though they too have a trade deficit.

This data point adds to the inflation picture and can give us an idea if headline inflation is likely to pick up further. Once we get an idea of that happening, we can then concentrate whether we'll see domestic prices rising (core) or whether it's all imported.

Joining the price data is initial jobless claims. They've been very steady of late and there's nothing out the ordinary forecast today. The main number is expected in at 265k vs 269k prior and continued claims at 2.140m vs 2.138m prior.