The Swiss franc appreciated against its major counterparts in the New York session on Tuesday, as Switzerland's consumer prices posted a steady increase in May.

The Switzerland market shrugged off early weakness and moved up into positive territory Tuesday afternoon, but turned weak in the final hour and eventually ended the day's session with a very small gain.

European stocks closed weak on Tuesday with several markets in the region dropping to multi-week lows, as investors digested regional economic data, and looked ahead to the European Central Bank's monetary policy announcement, and U.S. jobs report, due on Thursday and Friday, respectively, for directional clues.

The Canadian benchmark S&P/TSX has tumbled to its lowest level in about a month Tuesday morning, as weak commodity prices trigger some heavy selling materials and energy stocks.

A report released by the Commerce Department on Tuesday showed new orders for U.S. manufactured goods rose by slightly more than expected in the month of April. The Commerce Department said factory orders climbed by 0.7 percent in April compared to economist estimates for an increase of 0.6 percent.

Expert market comment made by senior analyst Alex Kuptsikevich of the FxPro Analyst Team: Oil is probably setting up for a repeat of 2020 or 2014

The dollar hit a low against the euro and sterling on Tuesday as softening US economy signals raised chances of earlier Fed rate cuts.

Copper is testing the $10,500 mark, after buyers took a breather from last week’s rally that breached all-time highs of $11,000.

Monday's weaker ISM survey pushes the dollar lower. Euro/dollar rallies to a 3-month high ahead of the ECB. The BoC could announce a rate cut tomorrow; loonie may suffer. Oil tanks as bearish factors multiply

The USD/JPY pair unexpectedly declined last night due to a weakening US dollar. Currently, it is hovering around 156.33.