For this week, the New Zealand central bank is expected to hold its policy interest rate amid easing but still high consumer prices. Japan's inflation is forecast to slow further, with the focus shifting to rising services costs from peaking goods price markups, while the CPI annual rate in Australia is seen edging up after a recent cooldown. US personal consumption expenditures (PCE) prices are expected to show some easing but indicate inflation is still above the Fed's 2 percent target.

On Monday, US new home sales are forecast to increase further to a seasonally adjusted annualized rate of 685,000 units in January after surging to 664,000 in December from 615,000 in November. Sales have been fluctuating sharply from month to month.

Kansas City Federal Reserve Bank President Jeffrey Schmid will speak on the economic and monetary policy outlook before the Economic Club of Oklahoma City at 7:40 p.m. EST (0040 GMT Tuesday).

Consumer inflation in Japan is expected to continue easing in January as food price markups slowed after peaking earlier, utility subsides continued to trim energy bills and hotel charges slowed sharply after their recent surge on base-year effects. Stable prices will help Bank of Japan policymakers begin unwinding large-scale monetary stimulus when they can confirm sustained wage hikes in fiscal 2024 starting in April.

The core CPI (excluding fresh food prices), the key measure for the BoJ to assess whether inflation is anchored around its 2 percent target, is forecast to have risen 1.9 percent on the year, led by easing but still high processed food prices and rising service costs amid widespread labor shortages. It would be the smallest rise in 22 months and follow a 2.3 percent gain in December. The year-over-year increase in the total CPI is also seen slowing to a 22-month low of 2.0 percent from 2.6 percent. Underlying inflation measured by the core-core CPI (excluding fresh food and energy) is expected to have decelerated to a 12-month low of 3.3 percent from 3.7 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.