Australian shares are expected to edge higher as trading resumes on Monday ahead of a quiet week for economic data but one that should see interest rate fears and concerns about a further market correction come to the fore.

Global sharemarkets retreated last week with the US benchmark, the S&P500, suffering its biggest selloff since April.

The selloff was in part blamed on pricey stock valuations and bets that a 5 to 10 per cent correction is nearly two years overdue. Also in the background were fresh worries about another crisis brewing in the European banking system.

These issues will no doubt be a focus in the week ahead, as will interest rate expectations and movements in the local currency.

The Reserve Bank's most recent thoughts on the Australian dollar will be published on Tuesday, and this should detail the extent to which the currency is impeding economic growth.

Investors will also look to the RBA's July board minutes for signs of a more dovish tone on rates.

National Australia Bank senior economist David de Garis said in a note to clients that the RBA's minutes may shed some more light on the central bank's views on the economy's progress and the transition towards growth led by non-mining sectors.

A speech by the RBA's assistant governor of financial markets Malcolm Edey will also be closely watched on Thursday.

Offshore, US Federal Reserve chair Janet Yellen speaks on Tuesday, ahead of the release of the Fed's Beige Book on Wednesday.

Also important is the impending release of Chinese June quarter gross domestic product data as well as retail sales, industrial production, and fixed asset investment figures on Wednesday.