Ahead of the Bank of Canada's July 24 rate decision, consumer inflation is expected to slow further to 2.6 percent in May, which would be the lowest since March 2021, after easing to an as-expected 2.7 percent rate in April from March's 2.9 percent. Governor Tiff Macklem on Monday repeated his recent comments that inflation is getting closer to the bank's 2 percent target but that since there are still upside risks to the price outlook, officials are taking one meeting at a time. June CPI data will be released on July 16, about a week before the next meeting.

The Chicago Fed national activity index is expected to fall to minus 0.40 in May from April's already weak minus 0.23.

The Case-Shiller home price index for the 20-city monthly rate is forecast to rise an unadjusted 6.8 percent on the year in April after rising 7.4 percent in March, up slightly from a 7.3 percent increase in February.

The Federal Housing Finance Agency (FHFA) house price index is expected to rise 0.3 percent on the month in April after posting a lower-than-expected 0.1 percent increase in March and surging 1.2 percent in February.

The Conference Board's consumer confidence index is expected to fall back to 100.0 in June versus 102.0 in May.

No change was the indication from the Richmond Fed's manufacturing index in May, and marginal change at plus 2 is expected for June.

Federal Reserve Board Governor Michelle Bowman will speak on"Perspectives on U.S. Monetary Policy and Bank Capital Reform" before a Policy Exchange event at 7 a.m. EDT (1100 GMT). She will also give a keynote address at the hybrid Midwest Cyber Workshop hosted by the Federal Reserve Banks of St. Louis, Chicago and Kansas City at 2:15 p.m. EDT (1800 GMT).

Federal Reserve Board Governor Lisa Cook will speak before an Economic Club of New York luncheon at noon EDT (1600 GMT).

Australia's monthly CPI data is expected to show the annual inflation rate rose to 3.8 percent in May from 3.6 percent in April, when it edged up from 3.5 percent in March. The Reserve Bank of Australia is trying to guide inflation within its target range of 2.0 percent to 3.0 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.

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