At 4:30 am ET Tuesday, the Office for National Statistics releases U.K. inflation and producer prices for April and house price index for March. U.K. inflation is expected to rise to 2.6 percent from 2.3 percent in March. Economists forecast output prices to increase 3.4 percent annually, after rising 3.6 percent in the prior month.

Ahead of these data, the pound rose against its major rivals.

As of 4:25 am ET, the pound was trading at 0.8529 against the euro, 1.2847 against the Swiss franc, 1.2943 against the U.S. dollar and 146.98 against the yen.

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