The ECB is expected to expand its quantitative easing program, while the Federal Reserve is seen raising interest rates, in what would be an historic divergence in policy by two major central banks.
The dollar index, which tracks the greenback against a basket of other currencies, declined to below 100 on Tuesday, as the upturn in risk sentiment made "safe haven" bets like the dollar less appealing.
The data focus in the U.S. on Tuesday will be the ISM index for November, which is seen showing modest increases from November's low reading of 50.1. There will also be vehicle sales for November and construction spending for October.
No major earnings are expected from the U.S. on Tuesday, although Canada's Banque de Montreal and Bank of Nova Scotia will post results.
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— By CNBC's Katy Barnato. Follow her on Twitter @KatyBarnato.