In the UK, July is a seasonally good month for public sector finances, reflected in market expectations for a sharp decline in overall borrowing (PSNB) from June's £13.59 billion to just £0.5 billion.

Canada's industrial product prices are forecast to fall 0.3 percent on the month in July after being flat in June and rising 0.2 percent in May. Raw materials prices are expected to dip 0.8 percent following deeper drops of 1.4 percent in June and 1.5 percent in May.

At 2 p.m. EDT (1800 GMT), the Federal Open Market Committee will release the minutes of its July 30-31 meeting. The FOMC left the target range for the federal funds rate in a range of 5.25 to 5.50 percent, as expected. The Fed is expected to lower the rate in September to support the economy while trying to bring inflation back to its 2 percent target from just under 3 percent. It has held rates steady since its last hike in July 2023.

The Bank of Korea is expected to leave its policy rate at a restrictive level of 3.50 percent for a 13th consecutive meeting. It last raised the Base Rate by 25 basis points to the current level in January 2023. Consumer inflation accelerated to 2.6 percent in July after moderating to 2.4 percent in June from 2.7 percent in May. It is getting closer to the bank's 2 percent target.

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.