The most eye-catching data this week is the US CPI report released before the market on Wednesday, and the PPI data on Tuesday will also provide important guidance for inflationary pressures.

Michelle Bowman, a member of the Federal Reserve Board, pointed out that the inflation rate is still far above the Fed's 2% target and there are upside risks, which is worrying. Bowman said: "I will continue to be cautious when considering adjusting the current policy stance."

Economists at financial services company Investec said: "Last month's CPI report showed an encouraging decline in housing cost pressures in the United States. If this trend continues, it will help push inflation back to the 2.0% target.