Markets are watching for a trade deal for the US and European Union after reports initially in the Financial Times that the two huge trading partners are close to an outline agreement. The reports say the framework would mirror the one announced by the US and Japan with a basic 15 percent tariff level but this one reportedly includes some tariff-free carveouts. That would certainly be better than the 30 percent President Trump has threatened and better than the 25 percent on autos now but worse than the 10 percent markets were anticipating until recently.

Separately, today is European Central Bank governing council meeting day. The consensus looks for no rate move but there is lots of focus on any new policy guidance or comments about the strong euro. The latter would be considered a dovish harbinger. Until the trade picture is clear, it's hard for the ECB to say much or do much. The issue is whether policy is on hold for a long while or just until September. Perhaps there will be more clarity on trade soon, though the mercurial nature of US policy limits all visibility.

Finally, President Trump is scheduled to visit the Federal Reserve office in Washington, D.C., as he steps up his campaign to bring the Fed to heel. The visit is scheduled for 4 p.m. ET so one would expect a series of new attacks on the Fed around that time over its management of the economy and renovations of its building. It is not clear whether the president will meet with Fed Chair Jerome Powell.

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.