The market expects that if the upcoming U.S. CPI data shows a slowdown in inflation, it will support the Federal Reserve in cutting interest rates in September and December. Bloomberg economists believe that the June CPI data will perform well, laying the groundwork for a rate cut in September.

Cooling labor market: Last week's labor report indicated a weak job market, with a decrease in job vacancies and slowing wage growth, suggesting a reduction in inflationary pressures, which may prompt the Federal Reserve to shift towards an accommodative policy.