Eurostat will release revisions to July inflation data later in the session and Statistics Canada will publish Consumer Price Index data for July later in the day. Market participants will also pay close attention to comments from Federal Reserve officials. After starting the week under bearish pressure, the US Dollar continued to weaken against its major rivals in the second half of the day on Monday as the bullish action in Wall Street pointed to an improving risk mood.
GBP/USD extended its uptrend and reached its highest level in over a month at 1.3000 during the Asian trading hours on Tuesday. The pair stays slightly below this level to start the European session. USD/JPY recovered from the two-week-low it touched on Monday but closed the day deep in negative territory. The pair edges higher toward 147.00 in the European morning on Tuesday.