The focus this week will be on the Canadian consumer price index. The inflation data are to be released Tuesday and the consensus among economists is that the core consumer prices for May, which exclude food and energy, were up 1.7% from a year ago, compared with a 1.6% in April.

Other Canadian data scheduled for release this week include wholesale trade and international securities transactions Monday.

On Wednesday, Statistics Canada releases retail sales data for April. Economists expect a month-over-month increase of 0.4%, compared with a gain of 1.5% a month earlier.

Also Wednesday, Bank of Canada Governor David Dodge speaks on Global Economic Forces and the Need for Adjustment, in Montreal.

South of the border

There is plenty of data available this week in the United States for those second-guessing the Federal Reserve’s direction on interest rates.

Bond markets are already counting on the Fed boosting the federal funds rate next week for the 17th consecutive time to 5.25% and the futures market is beginning to price in another hike to 5.5%.

On Monday, the U.S. National Association of Home Builders releases its housing index for June. Economists expect a reading of 45, unchanged from a month earlier.

On Tuesday, the U.S. Commerce Department releases data on housing starts and building permits for May. Economists forecast 1.855 million starts and 1.950 million permits, both annualized.

On Thursday, the U.S. Department of Labor reports on initial jobless claims for the week ended June 17. Economists forecast 310,000 new claims, up from 295,000 the previous month.

On Friday, the U.S. Commerce Department reports on durable orders in May. Economists expect a 0.5% increase, compared with a revised decline of 4.4% the previous month.