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US Labor Market Data in Focus
Investors are expected to carefully parse ADP nonfarm employment data, which often serves as a precursor to the monthly nonfarm payrolls data slated for Friday.
Economist forecasts the private sector job creation grew to 191,000 in December, slightly above the 190,000 in the previous month.
The Labor department, meanwhile, releases its weekly count of the number of individuals who filed for unemployment insurance for the week ended Dec 29. Economists forecast initial jobless claims to fell by 4000 to 241,000.
Ahead of the duo of reports the dollar, rose 0.36% against its rivals to 91.89.
Energy Information Administration Weekly Inventory Report
A fresh batch of inventory data from the Energy Information Administration (EIA) on Wednesday is expected to show that U.S. crude stockpiles fell for the sixth-straight week.
Analysts forecast crude inventories fell by about 5.1 million barrels in the week ended Dec. 29.
Crude oil futures have made a bullish start to the week as ongoing political unrest in Iran raised the prospect supply disruption amid optimism concerning global growth and Opec-led production cuts.
EU Services Activity Data
Eurozone service-sector data is expected to be closely monitored for an insight into the strength of the Eurozone economy amid recent hawkish monetary policy commentary from European Central Bank Executive Board member Benoit Coeure.
"given what we see in the economy, I believe that there is a reasonable chance that the extension of our asset purchase program decided in October can be the last," Coure said.
The final reading of service sector growth for December is expected to remain unchanged at 56.5.
EUR/USD fell 0.36% to $1.2015.
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