• FOMC meeting will release US inflation data for May today. The data is expected to provide another key input into the policy debate. While a recovery in CPI inflation towards 2% over the medium term is expected by the Committee, the near-term profile has been expected to remain low. 

• However, today's release is likely to provide evidence that inflation has bottomed out in the US. Following the drop to -0.2% in April, a rebound in annual headline CPI is likely at +0.1% due in part to higher petrol prices alongside the relative firmness of 'core' inflation which is likely to remain unchanged at 1.8% y/y, says Lloyds Bank.  

• Domestically, retail sales for May will provide a timely update on the health of the UK consumer sector following April's 1.2% rise in headline sales volumes. The boost to discretionary spending power in recent months from a combination of rising wage growth and weak inflation has provided a supportive undercurrent to retail activity. Survey evidence for May have painted a mixed picture, but we look for an easing back in retail sales after the robust rise in April, and forecast a 0.5% dip on both the headline and ex-fuel series, adds Lloyds Bank. 

• Meanwhile, with the 30th June deadline fast approaching, today's eurogroup meeting represents another opportunity for member states to find a solution for the Greek issue. However, based on the rhetoric over the past couple of days, expectations of an agreement are low.