German manufacturing orders are expected to decrease 0.1 percent on the month in December versus November's disappointing 0.3 percent rise that followed a 3.8 percent slump in October.

Consumer inflation in Taiwan (due during the European morning) is expected to ease further to 2.20 percent in January from 2.71 percent in December and 2.90 percent in November.

In Italy, manufacturing confidence is seen slipping to 95.0 in January from 95.4 in December and its consumer sector counterpart to 106.0 from 106.7.

The UK construction purchasing managers' index (PMI) is expected to rise to 47.3 in January from 46.8 in December.

Eurozone retail sales volumes in December are expected to fall 1.0 percent on the month following a 0.3 percent decrease in November that left volumes down 1.1 percent on the year.

In Canada, the Ivey purchasing managers' index (PMI) is forecast at a seasonally adjusted 55.6 for January, down from 56.2 in December.

Among Fed officials, Cleveland Federal Reserve Bank President Loretta Mester will give keynote remarks before the Ohio Bankers League Economic Summit at 12 p.m. EST (1700 GMT).

Minneapolis Federal Reserve Bank President Neel Kashkari will participate in a question-and-answer session as part of a Greater Mankato Growth luncheon at 1 p.m. EST (1800 GMT).

Boston Federal Reserve Bank President Susan Collins will give opening and overview remarks before the"Uneven Outcomes in the Labor Market" virtual conference hosted by the Federal Reserve Board of Governors and the Federal Reserve Banks of Atlanta, Boston, Cleveland, Philadelphia, San Francisco, and St. Louis at 2 p.m. EST (1900 GMT).

Philadelphia Federal Reserve Bank President Patrick Harker will speak on"The Federal Reserve's Role in Our Economy" before a Rowan Institute for Public Policy & Citizenship event at 7 p.m. EST (0000 GMT).

In New Zealand, employment is expected to rebound 0.3 percent on quarter in October-December after falling 0.2 percent in July-September while the year-over-year increase is seen slowing to 2.1 percent from 2.4 percent. The fourth-quarter unemployment rate is forecast at 4.3 percent, up from 3.9 percent in the third quarter.

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.