In economic data on Tuesday, investors will watch closely Canada's CPI report for March due at 8:30 am ET. Expectations center on a 0.7 percent rise on month and a 2.7 percent increase on year after increases of 1.1 percent and 2.6 percent in February. The CPI is coming a day ahead of a Bank of Canada governing council meeting widely expected to keep rates on hold after a string of rate cuts aimed at cushioning the economy from US tariffs.

In US data, import and export price figures for March are due at 8:30 am ET, with imports expected flat on the month and exports up 0.1 percent. Markets will be paying more attention than usual to this data series given all the focus on tariff effects on prices. Also at 8:30 am ET: the New York Fed's Empire State survey of manufacturing. Expectations call for the Empire manufacturing index at minus 10 in April, up from minus 20 in March.

Of course, lots of focus on anything President Trump and his team have to say about tariffs. On Monday, auto stocks bounced up after Trump said he would consider short-term tariff exemptions for automakers who move to shift auto parts production from Canada and Mexico to the US. That followed news late Friday that the Trump administration would allow exemptions for a list of electronics imports although later Trump said electronics would be subject to other new tariffs. The list includes smartphones, computers and other electronics imported largely from China.

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.