In the US, the most important releases are new and existing home sales, durable goods orders and flash Markit PMIs. Other key data include: Fannie Mae and Freddie Mac house prices; Chicago Fed National Activity Index; Richmond Fed Manufacturing Index; and Kansas Fed Manufacturing Index.

In the UK, GDP growth, business investment and CBI industrial trends orders will be in the spotlight. Elsewhere in Europe, important releases include flash PMI data for the Eurozone, Germany and France. Markets will also focus on the Eurozone consumer confidence; Germany GDP growth, ZEW economic sentiment and Ifo business climate; and French business and consumer sentiment.

In Japan, analysts are eyeing inflation rate and flash manufacturing PMI. Other important key data across Asia include Thailand GDP growth, Indonesia interest rate decision, and South Korea business and consumer morale.

Traders will also be looking to Canada retail sales; and Mexico GDP growth and unemployment rate.