In Germany, the key inflation measure for businesses is easing. Producer prices are expected to fall 1.1 percent on the month in December after a 3.9 percent drop in November. The year-over-year increase is seen falling more than 7 percentage points to 20.8 percent.

UK retail sales in December are forecast to have risen 0.4 percent on the month to offset November's 0.4 percent fall, with the year-over-year decline seen slowing to 4.2 percent from 5.9 percent.

Amid rising mortgage rates, US existing home sales in December are expected to contract further to a 3.970 million annualized rate versus November's lower-than-expected 4.090 million.

Canadian Retail sales in November are expected to fall 0.5 percent following a 1.4 percent rebound in October, which was their largest increase in five months led by higher sales at gasoline stations and food and beverage stores.

Philadelphia Federal Reserve Bank President Patrick Harker will speak on the economic outlook before the New Jersey Bankers Economic Leadership Forum at 9 a.m. EST (1400 GMT).

At 1 p.m. EST (1800 GMT), Federal Reserve Board Governor Christopher Waller will speak on the economic outlook before a Council on Foreign Relations event.

Market Focus details key factors in the coming day that will impact the economic outlook and the financial markets. These include central bank events, economic indicators, policymaker speeches as well as expected political and corporate developments.

Keeping up-to-date with event schedules and the economic calendar is key to understanding the global financial system. Econoday's Market Focus allows investors and policymakers to carefully track what will be making news and moving the financial markets in the coming day.