The CPI report is expected to show a rise of 0.5% following March's increase of 0.4%. The annualized rate is expected to tick up to 2.6% following March's increase of 2.5%.

The UK retail prices index (RPI) is expected to rise 0.6% following a 0.3% jump in March. The consensus for the annualized rate is for a 3.9% increase following a 3.8% gain in the previous month.

Economists from Capital Economics wrote in their research notes that UK inflation is expected to remain stable but it could increase in the next six months, mostly due to higher commodity prices

"The CPI has remained pretty well behaved over recent months," economists wrote. "But it looks very likely that inflation will increase further over the next six months, very probably breaching the 3% level that would trigger only the second ever letter from the Governor of the Bank of England to the Chancellor explaining why inflation is more than 1% above target. One of the key factors behind the increase will be the continued strength of oil prices."

Bank of France Governor Christian Noyer will speak with Cleveland Fed Sandra Pianalto at an event in Paris, France.

All times in EDT

Tuesday

2:45 EU France Current Account March Prior: €-0.6B

4:30 UK Consumer Price Index (Monthly) April Exp: +0.5% Prior: +0.4%

4:30 UK Consumer Price Index (Annualized) April Exp: +2.6% Prior: +2.5%

4:30 UK Core Consumer Price Index (Annualized) April Exp: +1.3% Prior: +1.2%

4:30 UK Retail Price Index April 213.3 Prior: 212.1

4:30 UK Retail Price Index (Monthly) April Exp: +0.6% Prior: +0.3%

4:30 UK Retail Price Index (Annualized) April Exp: +3.9% Prior: +3.8%

4:30 UK Retail Price Index Ex Mort International Payments (Annualized) April +3.6% Prior: 3.5%

4:30 UK DCLG UK House Prices (Annualized) March Exp: +4.5% Prior: +6.7%

6:10 EU ECB's Noyer, Fed's Pianalto Speak in Paris

By Neils Christensen, This email address is being protected from spam bots, you need Javascript enabled to view it , edited by Nancy Girgis, This email address is being protected from spam bots, you need Javascript enabled to view it