U.S. core PCE, personal income and spending, and final data from the Michigan consumer sentiment survey will finish off the U.S. economic data week as Canadians receive industrial product and raw material prices along with average payroll earnings. Overseas, markets will be looking at the preliminary figures for German CPI and comments from European Central Bank President Jean-Claude Trichet.

At 8:30 a.m. EDT, Statistics Canada will release its industrial product and raw material price indexes for May. Economists are expecting a 1.2% month-over-month gain in IPPI following a 1.4% increase the month prior. Raw material prices are expected to advance by 5.0% compared to the previous 5.1% increase.

Also at 8:30 a.m. EDT, Statistics Canada will release its payroll employment, earnings and hours report for April.

Statistics Canada will also release first-quarter National tourism indicators at 8:30 a.m. EDT.

At 8:30 a.m. EDT, the U.S. Commerce Department will release its personal income and spending report for May. The consensus forecast is for a 0.4% increase in personal income after April's 0.2% rise. Personal spending is expected to rise 0.7% compared to a 0.2% gain the month prior.

Also at 8:30 a.m. EDT, the U.S. Commerce Department will release core PCE for May. Economists expect monthly core PCE to rise 0.2%, above the previous 0.1% gain. Annual core PCE is expected to rise by 2.2%, above the previous month's 2.1% rise. The PCE deflator is expected to score another annual 3.2% rate.

At 10 a.m. EDT, Reuters and the University of Michigan will release the final consumer confidence report for June. The consensus is not expecting any revision to the preliminary 56.7.

At 12:30 p.m. EDT, European Central Bank President Jean-Claude Trichet and People's Bank of China Governor Zhou Xiaochuan are expected to hold a press conference in Rome following a seminar of euro zone and East Asian central banks.

At some point on Friday, markets will receive preliminary estimates of German CPI. Headline inflation is expected to post a 0.3% month-over-month increase following a 0.6% rise posed in April, and an annual 3.3% increase, above the previous 3.0% rise. HICP is expected to advance by 0.3% month-over-month compared to April's 0.7% increase while annual HICP is expected to move higher by 3.3%, above the previous 3.1% gain.

8:30 CA Industrial Product Price (M/M) May Exp: +1.2% Prior: +1.4%

8:30 CA Raw Materials Price Index (M/M) May Exp: +5.0% Prior: +5.1%

8:30 CA National Tourism Indicators Q1 2008

8:30 US Personal Income May Exp: +0.4% Prior: +0.2%

8:30 US Personal Spending May Exp: +0.7%Prior: +0.2%

8:30 US PCE Deflator (Y/Y) May Exp: +3.2% Prior: +3.2%

8:30 US PCE Core (M/M) May Exp: +0.2% Prior: +0.1%

8:30 US PCE Core (Y/Y) May Exp: +2.2% Prior: +2.1%

10:00 US University of Michigan Confidence June Final Exp: +56.7 Prior: +56.7

12:30 ECB's Trichet & PBOC's Zhou Speak in Rome

DE Consumer Price Index (M/M) June Preliminary Exp: +0.3% Prior: +0.6%

DE Consumer Price Index (Y/Y) June Preliminary Exp: +3.3% Prior: +3.0%

EU Consumer Price Index EU Harmonised (M/M) June Exp: +0.3% Prior: +0.7%

EU Consumer Price Index EU Harmonised (Y/Y) June Exp: +3.3% Prior: +3.1%

By Erik Kevin Franco and edited by Stephen Huebl