Participants in global markets will be on a date with a number of important economic data this week, led by the inflation reports due from the U.K. and the United States.

Analysts expect the U.K. consumer price index, the preferred measure of inflation by the Bank of England, to settle at 1.5 percent in the year through December.

Later in the week, the U.K. will release important data, including retail sales and monthly gross domestic product reports.

In the U.S., following the release of the consumer prices data on Tuesday, investors will carefully watch the producer prices figures, which may show a 0.2 percent increase in December.

The movements of the US dollar this week will depend on the impact of economic data from the world's largest economy, in addition to the impact of signing the phase-one trade agreement between the U.S. and China.

This week, the U.S. will also release retail sales data and some data on the housing, manufacturing sector and consumer confidence.

Finally, traders should keep their eyes open on any comments from Fed officials, where FOMC members Harker and Kaplan will speak today.