Following no action by the Federal Reserve with its latest outlook for only one interest rate cut by yearend and indications of a second rate hike by the Bank of Japan in July with plans to slow asset purchases, the Bank of England is expected to stand pat on Thursday to ensure inflation will be anchored around its 2 percent target. The People's Bank of China is also seen leaving the one-year and five-year loan prime rates steady on Wednesday.

On Monday, Canadian housing starts are expected to hold steady at 240,000 in May versus 240,000 and 242,000 in the two prior months.

The New York Fed's Empire State manufacturing index, forecast at minus 10.5 in June, is expected to extend its long contraction in June following May's minus 15.6.

Philadelphia Federal Reserve Bank President Patrick Harker will speak on the economic outlook before the Global Interdependence Center 42nd Annual Monetary and Trade Conference at 1 p.m. (1700 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.