Economic calendar: Inflation data from Europe in the spotlight

• Preliminary inflation data from euro area countries

• Second release of the UK GDP report for Q2

• WTO expected to issue a ruling on Airbus subsidies this week

9:30 am BST - UK, GDP report for Q2. Traders will be offered a second release of the UK GDP for Q2 today. As it is often the case with data revisions, market impact is expected to be minor. However, as more actual data would be included in a report, one may use it to better assess the impact of Brexit on the UK economy.

10:00 am BST - Italy, CPI inflation for September. The Italian price growth slowed significantly over the previous year. A slight acceleration is expected in September. The market impact of this reading is likely to be minor but traders can use it as a hint ahead of the reading for the whole euro area (Tuesday, 10:00 am BST).

1:00 pm BST - Germany, CPI inflation for September. Release of the German inflation report often triggers price moves on the EUR market as Germany is the biggest economy in the euro area and has the biggest impact on the overall reading. Preliminary reading for September is expected to show a deceleration from 1.4% YoY to 1.3% YoY.

EU-US trade conflict

Apart from scheduled readings, traders should also focus on the EU-US trade relationship this week. The World Trade Organization is expected to authorize the United States to impose tariffs on the European Union over illegal subsidies to Airbus. Tariffs could include EU goods worth $7.5 billion. In case the situation plays out this way, European Union is expected to retaliate and the conflict could deepen. There is no exact timing for the decision announcement therefore traders should keep track of incoming newsflow.