At 3.45 am ET Wednesday, Italy's services PMI data is due for December. Final composite PMI figures are due from France and Germany at 3.50 and 3.55 am ET, respectively. At 4.00 am ET, IHS Markit publishes euro area composite PMI data.

Ahead of the data, the euro moved up against its major rivals. The euro was worth 126.72 against the yen, 1.0811 against the franc, 1.2330 against the greenback and 0.9034 against the pound as of 3:40 am ET.