The economic data for the week ahead will see a slowdown on the pace of economic releases.

Most of the economic data for the week will cover the retail sales and housing market data from the United States.

From Australia, the monthly employment data will be released.

This will be an important release following the RBA highlighting its concerns of slower wage growth.

The quarterly wage price index data will also be another important data point to watch for.

Later in the week, Canada will be releasing its inflation report while New Zealand government will be releasing the annual budget statement.

Data from the Eurozone is relatively quiet this week with only second-tier data due over the week.

Eurozone second GDP estimates and inflation

The week ahead is relatively quiet as far as economic data from the Eurozone is concerned.

However, two important economic releases will stand out which could potentially shape the expectations on the monetary policy front from the European Central Bank.

These include the second revised GDP estimates and final inflation report for the month of April.

Few weeks ago, the preliminary GDP release for the first quarter of 2018 showed that the Eurozone’s gross domestic product advanced at a pace of 0.4%.

This was a slower pace of growth compared to the 0.7% increase seen in the final quarter of 2017.

Economists’ expect to see no changes to the second revised GDP estimates.

Inflation is another key report this week.

The flash inflation estimates showed that the Eurozone’s headline inflation increased 1.3% on the year in April. This was a slightly higher pace of increase.

However, core inflation rate was seen to be rising at a slower pace of just 0.9%.

The final inflation report is expected to remain unchanged and could confirm a weak pace of data points from the Eurozone for the month of April.