German import price index for December and GfK consumer confidence survey for February are due at 2:00 am ET Wednesday. The forward looking consumer confidence index is expected to edge up to 9.1 in February from 9 in January. Import prices are expected to drop 3.4 percent year-over-year in December after the 2.1 percent decline in November.

Ahead of these reports, the euro climbed against its major rivals.

The euro was worth 1.1364 against the greenback, 0.7483 against the pound, 134.08 against the yen and 1.0260 against the franc as of 1:55 am ET.

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