German consumer inflation is estimated to accelerate to 8.0% y/y in June, up slightly from the 7.9% y/y reading in May. Once again, that will just reaffirm that inflation is more sticky and persistent - providing little comfort to the ECB.

The thing to note about the inflation data from Europe this week is that any major upside surprises could see markets get a bit edgy in pricing in a potential 50 bps rate hike in July. That's the thing to watch out for in the sessions ahead.

The state readings should give a sense of how accurate the estimates will be. Here's the agenda for today:

0430 GMT - North Rhine Westphalia
0800 GMT - Brandenburg
0800 GMT - Hesse
0800 GMT - Bavaria
0800 GMT - Baden Wuerttemberg
0900 GMT - Saxony
1200 GMT - Germany national preliminary figures

Do note that the releases don't exactly follow the schedule at times and may be released a little earlier or later.