The United Kingdom (UK) Office for National Statistics (ONS) publishes the highly relevant Consumer Price Index (CPI) data for October on Wednesday at 07:00 GMT. The market consensus anticipates some moderation of inflationary pressures.

Australia Wage Price Index (YoY) meets expectations (3.4%) in 3Q

Australia Wage Price Index (QoQ) in line with forecasts (0.8%) in 3Q

Australia Westpac Leading Index (MoM): 0.1% (October) vs -0.03%

Australia Westpac Leading Index (MoM) up to 0.01% in October from previous -0.03%

Japan Machinery Orders (MoM) registered at 4.2% above expectations (2.5%) in September

Japan Machinery Orders (YoY) registered at 11.6% above expectations (5.4%) in September

New Zealand Producer Price Index - Input (QoQ) came in at 0.2% below forecasts (0.9%) in 3Q

New Zealand Producer Price Index - Output (QoQ) registered at 0.6%, below expectations (0.7%) in 3Q

United States Total Net TIC Flows increased to $187.1B in September from previous $2.1B

United States Net Long-Term TIC Flows above forecasts ($126.1B) in September: Actual ($134.2B)

Federal Reserve (Fed) Bank of Richmond President Thomas Barkin spoke about the economic outlook at the Top of Virginia Economic Summit hosted by Shenandoah University on Tuesday. He claimed that the labor market seems balanced, but firms say labor is available, and recent layoffs warrant caution.

Colombia Gross Domestic Product (YoY): 3.6% (3Q) vs 2.1%

Bank of England (BoE) Chief Economist Huw Pill spoke at an interview with Reuters in the Bank of England in London on Tuesday.

According to the report published on the US Department of Labor's (DOL) website, there were 232,000 Initial Jobless Claims in the week ended October 18.

United States NAHB Housing Market Index came in at 38, above expectations (37) in November

New Zealand GDT Price Index dipped from previous -2.4% to -3%

United States Redbook Index (YoY): 6.1% (November 14) vs 5.9%

United States ADP Employment Change 4-week average up to -2.5K in November 1 from previous -11.25K

US Dollar (USD) is likely to trade in a range between 7.1020 and 7.1170. If USD breaks above 7.1170, it would mean that the weakness in USD has stabilized, UOB Group's FX analysts Quek Ser Leang and Peter Chia note.

The National Bank of Hungary is expected to keep its policy rate at 6.50% for a 14th straight meeting, maintaining a hawkish stance as inflation remains above target.

This is a positive surprise, and it deserves to be highlighted in the current context: according to initial estimates, growth in the Eurozone in the third quarter was higher than expected.

EUR/CAD continues its losing streak for the third successive session after losing its daily gains, trading around 1.6260 during the European hours on Tuesday. The currency cross depreciates as the Canadian Dollar (CAD) gains on the cautious tone surrounding the Bank of Canada (BoC) policy stance.

Nikkei 225 has retreated from strong resistance at 52,600pts, forming lower highs and lows on the daily chart. The index is drifting toward its multi-month rising trend line, with the 50-DMA near 47,600pts acting as key support.

The Hungarian National Bank (MNB) is widely expected to leave its base rate unchanged at 6.50% at today’s meeting, continuing its prolonged policy hold for the thirteenth consecutive month.

The National Bank of Hungary will decide on rates today, but the decision itself should be a non-event. However, forward guidance will be more important than ever.

It all started when Chinese President Xi Jinping, contrary to custom, did not congratulate Sanae Takaichi on her election as Prime Minister of Japan, Commerzbank's FX analyst Volkmar Baur notes.

Following his meeting with Japan’s Prime Minister (PM) Sanae Takaichi, Bank of Japan (BoJ) Governor Kazuo Ueda said he talked about the economy and monetary policy with Takaichi.

Japan's Finance Minister Satsuki Katayama said on Tuesday that the government’s upcoming economic stimulus package has become “sizable,” but declined to disclose its exact scale.

Federal Reserve (Fed) Governor Christopher Waller said that the US central bank should cut the interest rates when policymakers meet in December, Bloomberg reported late Monday. Waller added that he’s grown concerned over the labor market and the sharp slowdown in hiring.