This week, Canada's CPI data on Tuesday is likely to indicate whether inflationary pressures are easing enough to prompt the Bank of Canada to lower the overnight interest rate further in July from the still restrictive level of 4.75 percent after the bank conducted its first rate cut the current cycle in early June. The annual inflation rate is forecast to fall slightly to 2.6 percent in May from 2.7 percent in April, which would be the lowest since 2.2 percent in March 2021 before inflation spiked in many countries.

On Monday, Singapore's annual inflation rate is seen rising to 2.9 percent in May from 2.7 percent previously.

Germany's Ifo business climate index held unchanged in May at 89.3, which was 1 point below the consensus but still matching its best reading since May last year. June's consensus is a steady 89.4.

The Dallas Fed manufacturing activity index is expected to extend its long contraction, at a consensus minus 14.5 in June versus minus 19.4 in May.

Federal Reserve Board Governor Christopher Waller will give opening remarks before the International Journal of Central Banking (IJCB) Annual Research Conference 2024 hosted by the Bank of Italy and the IJCB in Rome at 3 a.m. EDT (0700 GMT).

San Francisco Federal Reserve Bank President Mary Daly will speak on monetary policy and the economy at an event in partnership with the Commonwealth Club World Affairs of California and the San Francisco Press Club at 2 p.m. EDT (1800 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.