EUROPEAN SESSIONIn the European session, the only highlight was the UK GDP report. The monthly estimate for June beat expectations by a big margin amid a stronger performance from the services sector. The data doesn't change the outloook for the BoE though as the central bank prefers holding rates steady unless there's a clear inflation resurgence. Looking ahead, we don't have much on the agenda other than a couple of low-tier releases like the final Spain's CPI and Eurozone industrial production. The data is not going to change anything for the ECB, so the market reaction will likely be muted.AMERICAN SESSIONIn the American session, we have the US PPI and Jobless Claims data. The PPI Y/Y is expected at 4.9% vs 5.5% prior, while the M/M measure is seen at 0.2% vs -0.3% prior. The Core PPI Y/Y is expected at 4.1% vs 4.7% prior, while the M/M figure is seen at 0.3% vs 0.2% prior. At this point, the data should be useful just for the PCE calculation as it's unlikely to influence much the September rate hike probabilities, which fell to 35% after yesterday's US CPI report. The US Initial Claims are expected at 202K vs 199K prior, while Continuing Claims are seen at 1794K vs 1801K prior. The data is unlikely to be market-moving given the Fed's focus on inflation. This leaves us mostly waiting for a resolution to the US-Iran stalemate and the reopening of the Strait of Hormuz. CENTRAL BANK SPEAKERS12:15 GMT/08:15 ET - Fed's Hammack (hawk - voter)12:40 GMT/08:40 ET - Fed's Barkin (neutral - non voter) This article was written by Giuseppe Dellamotta at investinglive.com.