The Institute for Supply Management's non-manufacturing index for the United States will be the main morning economic release, however that will be eclipsed by the Fed's interest rate decision at 2:15 p.m. EDT.

At 7:45 a.m. EDT, ICSC will release U.S. chain store sales for the week ending Aug. 2. In the previous week, sales were up 2.6% year-over-year.

At 8:55 a.m. EDT, Redbook will release U.S. retail sales for the week ending Aug. 2. In the previous week, sales were up 2.9% year-over-year.

At 10 a.m. EDT, the U.S. Institute for Supply Management will release its non-manufacturing index for July. The consensus is looking for a slight increase from June's 48.2 reading to a score of 48.7. Markets will also be paying attention to the new orders, employment and prices paid indexes, which scored 48.6, 43.8 and 84.5 respectively.



At 10:30 a.m. EDT, the Bank of Canada will sell C$6.8 billion in 2008.11.13, C$2.6 billion in 2009.02.05, and C$2.6 billion in 2009.08.06 bills. The move will be followed by the repurchase of C$1.0 million in various BOC paper.

At 1 p.m. EDT, the U.S. Treasury will sell $28 billion in four-week Treasury bills.

At 2:15 p.m. EDT, the FOMC will make its interest rate decision. Economists are unanimously expecting no change in the 2.00% Fed fund rates.

At 7:01 p.m. EDT, the National Institute of Economic and Social Research will release its UK GDP estimate for July. In June, the agency saw GDP rise 0.2% month-over-month.

Also at 7:01 p.m. EDT, Nationwide will release its UK consumer confidence index for July, which is expected to decline to a reading of 57 from June's level of 61.

7:45 US ICSC Chain Store Sales W/E Aug 2 (Y/Y) Prior: +2.6%

8:55 US Redbook Retail Sales W/E Aug 2 (Y/Y) Prior: +2.9%

10:00 US ISM Non-Manufacturing Composite July Exp: +48.7 Prior: +48.2

10:30 CA BOC to Sell C$12B in Treasury Bill Auctions

11:15 CA BOC will Repurchase C$1M in Cash Management Bond Operation

13:00 US Treasury to Sell in $28B in 4-Week Bills

14:15 US FOMC Rate Decision 5-August Exp: 2.00% Prior: 2.00%

19:01 GB NIESR GDP Estimate July Prior: +0.2%

19:01 GB Nationwide Consumer Confidence July +57 Prior: +61

By Erik Kevin Franco and edited by Stephen Huebl