It is going to be a packed calendar in European morning trade today, with a mix of economic and inflation numbers to run through. The latter will continue to be the more pertinent one to watch but with the ECB already pausing this month, there shouldn't be too much immediate impact. That unless we see some real surprise to the data.As things stand, traders are pricing in ~64% odds of the ECB acting next in September with ~38 bps of rate hikes priced in by year-end. So, therein lies the risks of which the balance of probabilities will flow based on what the data will offer up later today.Here's a quick rundown of the agenda in the session ahead:0530 GMT: France Q2 preliminary GDP data0700 GMT: Spain Q2 preliminary GDP data0700 GMT: Spain July preliminary CPI figures0800 GMT: Germany Q2 preliminary GDP data0800 GMT: German states July CPI figures0800 GMT: Italy Q2 preliminary GDP data0900 GMT: Eurozone Q2 preliminary GDP data0900 GMT: Eurozone July final consumer confidence, economic confidence1100 GMT: BOE July monetary policy decision1130 GMT: BOE governor Bailey press conference1200 GMT: Germany July preliminary CPI figuresThis will keep markets in a busier mode with plenty of focus still on the post-Fed reaction, tech selloff, and US-Iran developments. That not to mention with month-end shenanigans also in the picture. This article was written by Justin Low at investinglive.com.