In the UK CPI data, a 2.2 percent overall rate in July was up from 2.0 percent in June but was no surprise for the Bank of England which had already expected headline inflation to rise over the latter half of the year. August's consensus is no change at 2.2 percent.

US housing starts in August are expected to rebound to a 1.300 million annual rate versus July's much lower-than-expected 1.238 million rate. Permits, at 1.396 million in July and which were also lower than expected, are seen rising to 1.410 million.2 percent.

The Federal Reserve is widely expected to cut rates, not by 50 basis points, but by an incremental 25 basis points to a range of 5.00 to 5.25 percent. The meeting will also include quarterly forecasts that will update how much the FOMC expects to cut rates in coming meetings.

In New Zealand, consensus for second-quarter GDP is quarter-over-quarter contraction of 0.4 percent in what would be a shift lower from 0.2 percent growth in the first quarter.

Employment in August is expected to rise 31,000 versus July's much stronger-than-expected 58,200 increase. Employment growth has exceeded Econoday's consensus estimate the last four reports in a row. Unemployment is expected to hold at 4.2 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.

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.