Stocks Surge Amid News from Russia

Later in the day, the Eurozone's employment change for Q4 is expected to halve to 0.4% quarterly, while the yearly change should stay unchanged at 2.1%. Moreover, GDP and trade balance data are due. 

Additionally, the ZEW surveys for Germany and Eurozone will be released, likely causing volatility in the EURUSD pair.

During the US session, PPI indices for January will be released, this time forecast to slow marginally year-on-year but still causing massive inflation pressures.

Elsewhere, the tensions between Ukraine and Russia remain escalated, and it is impossible to predict how this situation will play out. 

So far on Tuesday, investors believe that the conflict could end soon diplomatically and peacefully as indices are soaring more than 1%, while US bond yields are also moving higher - a sign of a risk-on environment.

Earlier, the news agency Interfax reported Russia's Defense Ministry said that Russia will return some of its troops to their bases after completing a series of drills later this week. According to the Ministry's website, joint exercises with Belarusian troops will continue until February 20th.

Precious metals declined sharply as investors took profits from the recent rally, which brought gold to 1,870 USD - the highest level since November. Should the situation improve further, gold could lose some of its appeals as the focus will shift to Fed's rate hikes again.