The week ahead will see the FOMC meeting minutes stealing the focus.

The Fed meeting minutes reflect the FOMC meeting that was held last month.

The central bank had left interest rates unchanged. Still investors will be closely monitoring the minutes of the meeting especially as investors try to get a grip on the number of rate hikes this year.

Elsewhere, economic data will cover the UK’s inflation, GDP and retail sales numbers.

All three data points remain a key element for the BoE’s rate hike plans.

The economic data from the UK is no doubt going to keep the pressure on the British pound.

Other economic releases over the week include the BoJ’s core inflation data covering the month of April.

Busy week for the UK: Inflation, retail sales and GDP

A busy week is in store for the British pound which will see the release of some of the key economic indicators.

The week starts off with the UK’s inflation figures coming out on Wednesday. The median estimates point to an unchanged print on headline CPI at 2.5% for the year ending April.

However, core inflation rate is expected to rise at a slower pace of 2.1% during the month.

The retail sales numbers, which give insights into the pace of consumer spending is expected to decline on an annualized basis.

This could potentially offset the 1.1% increase in retail sales just the month before.

Economists’ polled expect annual retail sales to fall 0.7% on weaker spending and lack of wage growth and higher inflation.

The second revised GDP estimates for the first quarter of 2018 will be released on Friday.

No changes are expected as the UK’s first quarter GDP is expected to show a 0.1% increase on a quarterly basis or 1.2% on the year.