The market focus for this week is on the Federal Reserve's policy decision at a two-day meeting ending Wednesday. It is is widely expected to raise the Fed funds rate by 25 basis points to a range of 5.00 to 5.25 percent, which is seen as its last hike during the current tightening cycle that began in March last year.

Among US data due Monday, the final manufacturing PMI for April is expected to come in at 50.4, unchanged from the mid-month flash to indicate marginal expansion relative to March.

The Institute for Supply Management's April survey is forecast to show that the ISM manufacturing index remained in contraction for a sixth straight month, being little changed at 46.8. The index fell 1.4 percentage points to 46.3 in March, when new orders were sluggish as firms were uncertain about the timing of a pickup in demand while supply deliveries were faster and prices were stabilizing.

Flat month in and month out, construction spending for March is expected to edge 0.1 percent higher following February's 0.1 percent decline. The flat headline masks nine months of consecutive contraction in residential spending and gains in eight of the last nine months for nonresidential spending.

In Asia, South Korean consumer prices are forecast to have risen 3.7 percent on the year in April, easing from a 4.2 percent increase in March.

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.