The week ahead (24 – 28 July) : Nothing new expected from the US Fed

We will have a new trading week, events and new economic data. This week, the focus will be on the USD and some events that will have a direct impact on it and whether it will recover or continue to weaken after failing to pass the health care law and market uncertainties about Trump's ability to achieve his electoral promises. Discover the most important market drivers during the week:

Australian inflation figures
Australia's inflation data is due to be released early on Wednesday for the second quarter of 2017, and the consumer price index is expected to rise by 0.4% after rising by 0.5% in the previous quarter. The trimmed consumer price index, which excludes prices of 30% of volatile elements, is expected to stabilize at 0.5% in the second quarter.

Philippe Lowe, governor of the Reserve Bank of Australia, is due to deliver a speech entitled "The Labor Market and Monetary Policy" after the release of CPI data. The Reserve Bank of Australia showed optimism about the Australian economy after keeping its policy unchanged at the beginning of this month, but did not welcome the rise of the Australian dollar through the statements of officials.

British Growth Data
Wednesday's UK growth data will be released on Wednesday for the second quarter of 2017. GDP is expected to grow by 0.3%, after the economy expanded by 0.2% in the first quarter. On an annualized basis, the economy is expected to slow to 1.7% During the second quarter from 2% recorded during the previous quarter.

This comes after a negative week for the British pound after the inflation figures slowed and the official negotiations for Brexit began.

US Interest Rate Decision and Growth Data
Most expectations are expected that FED to leave interest rates unchanged at 1% to 1.25% range. Investors will look for the Fed's interest rate statement, and the most focus will be on starting of reducing the Fed's balance sheet.

On Friday, US growth data is due to be released, with Advanced GDP reading expected to grow by 2.6% in the second quarter of 2017, compared to 1.4% growth in the previous quarter.