US July consumer price index due up next

The July CPI report will go a long way towards determining whether the Fed hikes in December or not.

The key lines to watch are core and headline y/y numbers. Core is expected at 1.7% y/y, the same as in June. Headline is expected to rise to 1.8% y/y from 1.6%. The range of estimates on headline are from 1.7% to 2.0%.

The secondary metrics to watch are the wage data. Average weekly earnings don't have a consensus forecast but the prior was 1.2%.