UK retail sales volumes are expected to begin the year on a weak note amid easing but still high inflation, falling a further 0.3 percent on the month after sliding 1.0 percent in December. The year-over-year decline is forecast to ease slightly to 5.5 percent in January from 5.8 percent the previous month.

In France, no revisions are expected to the provisional CPI data for January, which showed a 0.4 percent rise on the month and a 6.0 percent gain on the year.

US import prices are expected to fall 0.1 percent on the month in January following a 0.4 percent rebound in December. Export prices, which in contrast to imports fell a very sharp 2.6 percent in December, are expected to fall 0.2 percent.

The index of leading economic indicators, which has been in steep decline, is expected to fall a less steep but still further 0.3 percent in January following a revised 0.8 percent drop in December.

Richmond Federal Reserve Bank President Thomas Barkin will speak in person on the labor market before Rosslyn Business Improvement District members at 8:30 a.m. EST (1330 GMT).

Federal Reserve Board Governor Michelle Bowman will participate in discussion before the Tennessee Bankers Association Credit Conference at 8:45 a.m. EST (1345 GMT).

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.