Goldman Sachs previews the US June CPI report due on Tuesday, July 14.

"We expect a 0.17% increase in June core CPI (vs. +0.3% consensus), corresponding to a year-over-year rate of +2.76% (vs. +2.9% consensus). We expect a 0.11% decline in headline CPI (vs. -0.1% consensus), reflecting lower energy prices. Our forecast is consistent with a 0.24% increase in core PCE in June, reflecting another large increase in its financial services component," GS notes.

"We expect monthly core CPI increases around 0.2% over the next couple of months, reflecting the continued slowdown in the shelter categories and the reversal of upward pressure from higher jet fuel prices and the World Cup on the travel services categories, though risks are tilted to the upside if disruptions to oil markets and associated oil price increases prove more persistent than expected," GS adds.