Corrects the story to reflect that the German statistical office is set to release the final consumer prices data for January and not preliminary as mentioned in the earlier version.

Major releases due on Tuesday include trade data from the United Kingdom as well as trade figures and consumer price inflation statistics from Germany.

At 2:00am ET, Germany's trade statistics for December is due from the Federal Statistical Office. Economists expect the trade balance to log a surplus of EUR 15 billion, down from EUR 17.4 billion in the previous month. Meanwhile, the current account surplus is seen at EUR 19.1 billion, up from EUR 18.1 billion.

The German statistical office is also set to issue the final CPI data for January. The statistical office is expected to confirm preliminary estimates. Annual inflation is expected to stay at 0.8% in January. On a monthly basis, consumer prices are forecast to fall 0.6%. According to preliminary estimate, the harmonized consumer price index rose 0.7% in January from the previous year. Compared with the previous month, the index dropped 0.7%.

Trade data for December is also due from Statistics Finland at the same time. A trade surplus of EUR 120 million was registered in November.

At 3:00 am ET, the Czech Statistical Office is set to issue consumer price inflation data for January. Consumer prices are forecast to rise by 1% on a yearly basis and by 1.5% on a monthly basis.

Hungary's Central Statistical Office is expected to release trade data at 3:00 am ET. A trade surplus of EUR 271 million is forecast for December, down from the EUR 409.5 million surplus a month ago. Trade data is also due from the Romanian statistical office.

At 4:30 am ET, the U.K.'s Office for National Statistics is slated to issue trade statistics for December. Economists expect the visible trade balance to register a deficit of GBP 6.7 billion in December, while the non-E.U. trade deficit is seen at GBP 3.1 billion.