At 2.00 am ET Tuesday, the Office for National Statistics releases UK labor market data. The jobless rate is forecast to rise to 5.1 percent in three months to November from 4.9 percent in three months to October.

Ahead of the data, the pound dropped against its major rivals. The pound was worth 1.3640 against the greenback, 141.46 against the yen, 1.2123 against the franc and 0.8891 against the euro as of 1:55 am ET.