In Switzerland, consumer prices are seen falling 0.2 percent on the month in July after being flat, reducing the annual inflation rate from 1.3 percent to 1.2 percent.

French industrial production is expected to rise 0.9 percent on the month in June, only denting May's hefty 2.1 percent slump.

Switzerland's SVME PMI for July is expected to move up from June's 43.9 to a still very subdued 44.6.

Italian industrial production is expected to fall 0.2 percent on the month in June after a 0.5 percent rise in May.

Retail sales in Italy are forecast to rise 0.2 percent in June versus May when they increased 0.4 percent.

In the US, a 180,000 rise is the call for nonfarm payroll growth in July, down from 206,000 in a June report that included sharp downward revisions to prior months. Average hourly earnings in July are expected to rise 0.3 percent on the month to match June's rise. July's unemployment rate is expected to hold unchanged at June's 4.1 percent which was up from May's 4.0 percent.

Factory orders are expected to fall 3.0 percent in June versus May's 0.5 percent decline. Durable goods orders for June, which have already been released, plunged 6.6 percent on aircraft cancellations.

Unit vehicle sales in July are expected to jump to a 16.2 million annualized rate from June's lower-than-expected 15.3 million rate that compared with 15.9 million in May.

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.