At 4.30 am ET Tuesday, the Office for National Statistics is slated to issue UK public sector finance data. The budget deficit is forecast to narrow to GBP 1 billion in July from GBP 6.9 billion in June.

Ahead of the data, the pound dropped against its major rivals.

The pound was worth 1.2851 against the greenback, 140.54 against the yen, 1.2410 against the franc and 0.9163 against the euro as of 4:25 am ET.

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