The first releases of the European session take place at 07:00 GMT with reports on German industrial production and trade. Industrial output in Europe’s largest economy is expected to grow 1.8% in November, which translates into a year-over-year gain of 4%. That follows a 1.4% decline in October.

Berlin’s trade surplus is expected to widen to €21 billion in November from €19.9 billion. Exports are expected to grow 1.2% following a 0.4% decline the previous month. Imports, meanwhile, are projected to climb 0.6% month-on-month.

Shifting gears to France, MINEFA will report on the national trade balance for November. The deficit carried by Paris is expected to widen to €4.8 billion from €4.96 billion in October.

The European Commission’s statistical agency will report on unemployment at 10:00 GMT. The euro area jobless rate is expected to drop to 8.7% from 8.8%.

Investors will also be keeping an eye on the European Central Bank’s non-monetary policy meetings, which are scheduled to kick off at 08:00 GMT.

There are no major data releases scheduled in the North American session. The American Petroleum Institute (API) will supply the market with the weekly crude inventory report, which is a precursor to the official data on Wednesday.

On the policy front, Federal Reserve Bank of Minneapolis President and Federal Open Market Committee (FOMC) member Neel Kashkari will deliver a speech at 15:00 GMT. The FOMC will hold its final policy meeting under Janet Yellen at the end of the month.

Earlier in the session, Australia reported an unexpected surge in building permits for the month of November. Approvals spiked 11.7%, confounding expectations of a 1.3% decline, the Australian Bureau of Statistics said in a report. Compared to a year ago, building permits rose 17.1% following an 18.4% increase the month before.

AUD/USD

The Australian dollar rose on Tuesday, gaining the upper hand on a US currency that has struggled for momentum in recent weeks. The AUD/USD exchange rate climbed 0.3% to 0.7858, where it was trading near three-and-a-half month highs. The pair faces immediate support at 0.7800. On the opposite side of the ledger, the recent high of 0.7870 is the first resistance eyed by the bulls.

EUR/USD

Europe’s common currency underwent a short-term bearish correction on Tuesday, as prices fell back from four-month highs near 1.2100. The EUR/USD exchange rate was last seen trading at 1.1971, where it was little changed compared to the previous close. The pair sees immediate support at 1.1955, followed by 1.1920. Resistance is located just above the psychological 1.2000 zone.

GBP/USD

Cable was little changed in Asian trading after a choppy Monday session saw prices bottom out at 1.3529. The GBP/USD exchange rate was last seen hovering around 1.3580. The pair faces immediate support at the 1.3520 region.