For Tuesday, the Reserve Bank of Australia kicks off the day's top global macro news with its monetary policy announcement at 2:30 pm local time (10:30 pm ET Monday) Markets expect a 25 basis point rate cut in the official cash rate to 4.10 percent.

In Europe, the UK employment report is due at 7 am local time (2 am ET). Expectations for the ILO unemployment rate call for an uptick to 4.5 percent in January from 4.4 percent in December.

In North America, the highlight is Canada CPI, due at 8:30 am ET. The consensus looks for CPI at 1.8 percent on year in January, flat from December.

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.