Foreign exchange market. European session: the British pound traded lower against the U.S. dollar after the release of the weaker-than-expected manufacturing PMI data from the U.K.

Economic calendar (GMT0):

(Time/ Region/ Event/ Period/ Previous/ Forecast/ Actual)

00:00 Japan Bank holiday

01:30 Australia Building Permits, m/m March 2.9% Revised From 3.1% -3% 3.7%

01:45 China Markit/Caixin Manufacturing PMI April 49.7 49.4

04:30 Australia Announcement of the RBA decision on the discount rate 2% 2% 1.75%

04:30 Australia RBA Rate Statement

08:30 United Kingdom Purchasing Manager Index Manufacturing April 50.7 Revised From 51 51.2 49.2

09:00 Eurozone Producer Price Index, MoM March -0.7% -0.1% 0.3%

09:00 Eurozone Producer Price Index (YoY) March -4.2% -4.3% -4.2%

09:30 Australia Annual Budget Release

The U.S. dollar traded mixed against the most major currencies. No major economic reports in the U.S. will be released today.

The euro traded mixed against the U.S. dollar after the release of the mixed producer price inflation data from the Eurozone. Eurostat released its producer price index for the Eurozone on Tuesday. Eurozone's producer price index rose 0.3% in March, beating expectations for a 0.1% fall, after a 0.7% decrease in February.

On a yearly basis, Eurozone's producer price index dropped 4.2% in March, beating expectations for a 4.3% decline, after a 4.2% fall in February.

Eurozone's producer prices excluding energy fell 1.1% year-on-year in March, after a 0.8% decline in February. Energy prices dropped at an annual rate of 12.1% in March.

The European Commission released its Spring 2016 Economic Forecast report on Tuesday. The European Commission lowered its growth forecasts for this and next years. The Eurozone's economy is expected to expand 1.6% in 2016, down from its previous estimate of 1.7%, and 1.8% in 2017, down from its previous forecast of 1.9%.

Inflation was downgraded to 0.2% from 0.5% for this year, and to 1.4% from 1.5% for next year.

The British pound traded lower against the U.S. dollar after the release of the weaker-than-expected manufacturing PMI data from the U.K. Markit Economics released its manufacturing purchasing managers' index (PMI) for the U.K. on Tuesday. The Markit/Chartered Institute of Procurement & Supply manufacturing PMI for the U.K. dropped to 49.2 in April from 50.7 in March, missing expectations for a rise to 51.2. It was the lowest level since February 2013. March's figure was revised down from 51.0.

A reading above 50 indicates expansion, below indicates contraction.

The drop was driven by declines in output, new orders, employment and stocks of purchases.

"Manufacturing production is now falling at a quarterly pace of around 1%, and will likely act as a drag on the economy again during the second quarter and putting greater pressure on the service sector to sustain GDP growth," Markit's Senior Economist Rob Dobson said.

The Canadian dollar traded lower against the U.S. dollar ahead of a speech by the Bank of Canada Governor Stephen Poloz later in the day.

The Swiss franc traded higher against the U.S. dollar. The State Secretariat for Economic Affairs (SECO) released its consumer confidence index data for Switzerland on Tuesday. The index fell to -15 in April from -14 in January.

"Consumer sentiment has remained below the long-term average for several quarters. The latest survey in April 2016 shows hardly any major changes; only expectations over price trends have risen slightly," the State Secretariat for Economic Affairs said in a statement.

EUR/USD: the currency pair traded mixed

GBP/USD: the currency pair fell to $1.4612

USD/JPY: the currency pair rose to Y105.92

The most important news that are expected (GMT0):

14:30 U.S. FOMC Member Mester Speaks

16:30 Canada BOC Gov Stephen Poloz Speaks

22:45 New Zealand Employment Change, q/q Quarter I 0.9% 0.7%

22:45 New Zealand Unemployment Rate Quarter I 5.3% 5.5%