The US Retail Sales are seen at 0.8% for June, higher than the prior release of -0.3%. Fuel prices have shifted into bearish territory now but remained extremely solid in June. Therefore, higher energy bills must have been responsible for the higher consensus for the economic data. Also, higher Consumer Price Index (CPI) data released on Wednesday is sufficient to support higher forecasts for Retail Sales. On the pound front, political instability and recession fears have shifted the pound bulls on the tenterhooks. The resignation of UK PM Boris Johnson has trimmed the confidence of the households in the growth prospects of the economy. Also, the scorching inflation rate has triggered recession fears. More rate hikes from the Bank of England (BOE) will remain on the cards and it would be interesting to note whether the economic catalysts would support BOE for policy tightening unhesitatingly.