For Wednesday, the Japanese merchandise trade report for January is due at 8:50 am local time (18:50 ET Tuesday). Japanese exports are forecast to rise 10.4 percent from a year ago after hitting a record high ¥9.91 trillion in December.

From New Zealand, the Reserve Bank of New Zealand is scheduled to announce its policy decision at 2 pm local time (20:00 ET Tuesday). Expectations call for a 50 basis point cut in the official cash rate t 3.75 percent.

In the UK, CPI figures are due at 7 am local time (2am ET). The consensus sees CPI down 0.3 percent on the month and up 2.8 percent on the year for January.

In the US, housing starts and permits are due at 8:30 am ET. Starts are seen at an annual rate of 1.397 million units and permits at 1.470 million in January versus 1.499 and 1.483 in December. Later in the day, FOMC minutes for the January policy meeting are due for release at 2:00 pm ET.

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.