The next week of the economic calendar is rather unremarkable as no central bank meetings or major US reports are expected. Investors will be preparing for the Fed meeting on September 21-22, which should shed light on the regulator's plans to wind down the asset purchase program. On Tuesday, data on inflation in the US for August will appear and a monthly growth of 0.3% is expected. In light of weak labor statistics for August, the rise in consumer prices may also fall short of expectations, but this is unlikely to change the market situation before the Fed meeting.

UK inflation data is due out on Wednesday, however, the Bank of England also hinted this week that rate hikes are coming, so the data for the past month has mainly lost its significance.

On Thursday, investors will be awaiting a report on US retail sales and jobless claims. A weak NFP report and a cut in government transfers indicate that a weakening in retail sales is more plausible than continued growth. Therefore, the market will likely discount a weak reading. Core sales are forecast to decline 0.2% in August compared to July.

The Eurozone CPI for August will be released next Friday, but in light of the ECB's hint of a coming reduction in stimulus, the data will likely only confirm the regulator's September forecasts, which suggest EU inflation should pick up faster in 2021 and 2022 than expected in August.