The Chinese yuan weakened against the U.S. dollar in the European session on Tuesday, amid concerns about possible tariffs on Chinese imports by U.S. President-Elect Donald Trump.

The British pound weakened against other major currencies in the European session on Tuesday, after the U.K. unemployment rate rose more than expected in the third quarter and wage growth softened, adding pressure on the Bank of England to cut interest rates further.

The UK unemployment rate rose more than expected in the third quarter and wage growth softened, adding pressure on the Bank of England to cut interest rates further. The unemployment rate rose to 4.3 percent in the September quarter from 4.0 percent in three months to August period, the Office for National Statistics reported Tuesday. The rate was seen at 4.1 percent.

The U.S. dollar strengthened against other major currencies in the Asian session on Tuesday, as investors believed that they would benefit from the upcoming government of Donald Trump.

Australia's business confidence strengthened notably in October on improvements across all industries except construction and retail, survey data from NAB showed on Tuesday. The business confidence index rose to +5 from -2 in September. At the same time, the business conditions index was unchanged at 7 in October. Trading conditions edged up one point to +13, while profitability was flat at 5.

Unemployment data from the UK and economic confidence from Germany are the top economic news due on Tuesday. At 2.00 am ET, the Office for National Statistics releases UK labor market data. The jobless rate is forecast to edge up to 4.1 percent in the three months to September from 4.0 percent in the preceding period.

The Australian dollar weakened against other major currencies in the Asian session on Tuesday, amid concerns about possible tariffs on Chinese imports by U.S. President-Elect Donald Trump.