US CPI is the focus this morning. Expectations call for CPI up 0.3 percent on the month for total and core with increases of 2.6 percent and 2.9 percent on year. Markets are watching for signs that tariffs are finally showing up in the numbers in items like furniture, cars, clothing and toys. This is the first of the three summer CPI reports that Federal Reserve Chair Jerome Powell said policy-makers will key on ahead of the September policy meeting. Presumably markets will react to anything in line with expectations as confirming the view that the Fed will cut in September.

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.