Germany’s federal statistics department will report on retail sales at 06:00 GMT. Receipts at retail stores are projected to rise 0.8% in February, following a 0.7% drop the previous month. That translates into an annualized increase of 2.2%.

The Swiss government will also report on retail sales on Tuesday. The report, which is scheduled for release at 07:15 GMT, will likely show an annualized decline of 0.8% in February.

IHS Markit will release a steady stream of PMI reports for the Eurozone and UK economies beginning at 07:45 GMT. Italy, France, Germany, Eurozone and UK PMI will all be released within the span of 45 minutes. The Eurozone manufacturing PMI report is forecast to come in at 56.6.

In other European data, the Spanish government will issue its monthly unemployment report at 08:00 GMT. The data set is expected to show a sharp drop in the jobless count.

Shifting gears to North America, the Institute for Supply Management (ISM) will release the New York business conditions index at 13:45 GMT.

In terms of monetary policy considerations, Federal Open Market Committee (FOMC) members Neel Kashkari and Lael Brainard will deliver speeches at 13:30 GMT and 20:30 GMT, respectively.

Earlier in the day, the Reserve Bank of Australia (RBA) voted to keep interest rates on hold at 1.5%. The decision was in line with the consensus view.

AUD/USD

The Australian dollar has been in a gradual downtrend for the last two weeks, with the AUD/USD falling 250 pips over that period. At last check, the pair was trading at 0.7665, with immediate support located at 0.7625 and 0.7590. On the opposite side of the spectrum, resistance levels are seen at 0.7700 and 0.7740.

EUR/USD

Europe’s common currency drifted lower on Monday, hitting a session low of 1.2297. EUR/USD is back to trade slightly above 1.2300, although downside risk remains. At current price levels, the pair faces immediate support at 1.2282, which corresponds to the 29 March low, followed by 1.2241, which corresponds to the 21 March low. On the opposite side of the spectrum, initial resistance is located at 1.2477, the high from 27 March.

GBP/USD

Cable is another US dollar pair in the midst of a downtrend. GBP/USD rose to a high of 1.4238 last week but has since declined nearly 200 pips to settle in the mid-1.4000 range. Immediate support levels include 1.4010 and 1.3985. On the flipside, resistance is located at 1.4040 followed by 1.4085.