In the UK, inflationary pressures remain high compared to some other major economies but the year-over-year increase in the consumer price index for June is forecast to slow to 8.2 percent after being unchanged at 8.7 percent in May. On the month, the CPI is rising 0.4 percent after May's 0.7 percent.

For the Eurozone CPI, no revision is expected to the June data, leaving a 5.5 percent annual headline rate, down from May's final 6.1 percent, and a 5.4 percent narrow core, up from 5.3 percent.

After stronger-than-expected Canadian housing activity data released Tuesday, US housing starts in June are expected to fall back to a 1.480 million annualized rate that would, nevertheless, be far above April's 1.340 million rate. It would follow a surge by more than 20 percent in May to 1.631 million. Permits, which jumped by more than 5 percent in May to 1.491 million, are expected to hold steady at 1.489 million.

Japanese exports are expected to post a 28th straight year-over-year increase in June, up 2.0 percent versus a 0.6 percent rise in May, backed by solid demand for motor vehicles and construction machinery and despite overall slowing of global growth. Imports are seen marking a third straight year-over-year drop, down 11.3 percent after a 9.8 percent fall, reflecting the base-year effect of last year's spike in energy prices.

Japan is forecast to record a 23rd consecutive month of a trade deficit, worth ¥47.1 billion in June, which would be sharply narrower than a revised shortfall of ¥1,381.9 billion (¥1.382 trillion) in May and a ¥1,375.0 billion (¥1.380 trillion) deficit in June 2022. Some forecasters expect a small trade surplus.

The People's Bank of China is expected to leave its loan prime rates unchanged, at 3.55 percent for the 1-year rate and 4.20 percent for the 5-year. These rates were last lowered last month, by 10 basis points each.

In Australia, employment in June is expected to fall back to an increase of 17,000 from May's much larger-than-expected rise of 75,900. Unemployment is expected to hold at May's lower-than-expected rate of 3.6 percent.

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.