Tuesday, the external trade and industrial production reports are due from the UK.

The statistical reports due at 2.00am ET include German consumer and wholesale prices for April. A preliminary report released by Destatis on April 28 revealed a 0.7% annual inflation in April, up from 0.5% in March. Today's final report is expected to match the initial estimate.

In the meantime, German wholesale prices are forecast to drop 8.2% year-on-year, following March's 8% decline. On a monthly basis, wholesale prices are predicted to stay flat in April.

Thereafter, French business sentiment is due from the Bank of France at 2.30 am ET. Business confidence is seen at 75 in April, up from 73 in the prior month. This data is expected to follow by the central government balance for the month of March. In February, the deficit was EUR 29.9 billion.

The Statistics Sweden is slated to release monthly CPI data at 3.30am ET. On a yearly basis, consumer prices are expected show a 0.1% decline, reversing a 0.2% rise in March.

At 4.30am ET, the Office for National is scheduled to issue UK's external trade as well as industrial production data. The visible trade deficit is forecast to narrow to GBP 7.2 billion from GBP 7.3 billion in February, while overall trade deficit is seen at GBP 3 billion compared to GBP 3.2 billion in the previous month.

After declining 1% month-on-month in February, UK industrial production is expected to drop 0.9% in March. Meanwhile, manufacturing production is forecast to fall 0.8%, slightly slower than the 0.9% decrease in February.

The UK DCLG house prices report for March is also due at the same time. Following a 12.3% annual decrease, house prices are expected to fall 13% in March.

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