1. Dollar supported, GBP plunges

The dollar is slightly up on Tuesday, as traders bet on a strong likelihood the Federal Reserve will raise rates at its upcoming policy meeting next week.

The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, was slightly higher at 101.80 in New York morning trade. It reached a two-month high of 102.27 last week. Futures traders are pricing in around a 90% chance of a hike at the Fed's March 14-15 meeting.

On the data front, Tuesday will see the release of monthly U.S. trade figures at 13:30GMT, with economists forecasting a deficit of $48.5 billion in February.

Meanwhile, the GBP came under pressure hitting multi-week lows against the dollar and the euro amid concerns about a second vote in the U.K. House of Lords, the upper house of parliament, on Brexit legislation. Britain's House of Lords will on Tuesday try to force the government to give lawmakers a greater say over the terms of Britain's exit from the European Union and final approval of an eventual deal with the block.

2. Global market overview

Markets have lacked direction since U.S. stocks hit record highs last week.

U.S. stock futures were dipping on Tuesday morning. European markets were mostly declining in early trading. But most Asian markets ended the day with small gains.

On bond markets, prices for U.S. 10-year Treasuries are sinking, pushing up yields to 2.5%. This comes as the vast majority of investors expect the U.S. Federal Reserve to hike rates next week.

On Monday, the Dow Jones industrial average, S&P 500 and Nasdaq all retreated. Each of these indexes were down by between 0.2% to 0.4%.

3. Snap out of luck

Snapchat's parent company Snap will be in the spotlight again after shares plunged on Monday.

Snap stock tanked more than 12% in trading Monday, ending the day at $23.77 a share. That puts Snap below its first day opening price of $24.

Analysts have been raising significant concerns about Snap's user growth, valuation and hype. The company's shares debuted on Wall Street last week.

4. China’s FX reserves above $3 trillion

China's foreign exchange reserves rose for the first time in eight months in February, climbing above the key $3-trillion level, amid recent government efforts to tighten capital movement controls and stabilize the yuan's exchange rate.

China’s foreign exchange reserves increased by $7.0 billion last month to $3.005 trillion, according to data released by the People's Bank of China.

Analysts were expecting foreign reserves to fall to $2.969 trillion from the prior month’s $2.998 trillion, which was the lowest level since February 2011.