The US employment report is in focus today on a big day for economic reports. Expectations for nonfarm payrolls center on a rise of 55K for December. The Econoday consensus also sees the jobless rate flat at 4.6 percent from 4.6 percent in November. though many forecasts see it ticking down to 4.5 percent.

US housing starts data are also due at 8:30 am ET today. The Econoday consensus for October sees starts at a 1.330 million unit rate with building permits at 1.340 million. Consumer sentiment figures are also due at 10 am ET, the first report for January. Expectations call for an uptick to 53.5 in the January preliminary reading from 52.9 in December.

Separately, markets are on tenterhooks awaiting the Supreme Court ruling on President Trump's"reciprocal" tariffs. That ruling could come as early as today, though it's hard to know. A mixed ruling rolling back much of the tariff program is likely. That would add to the uncertainty over the economic outlook. The Trump administration is widely expected to find other means to impose tariffs on imports but that would take time.

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.