The yen fell against all its major peers as Asian stocks rose for a fifth day, with speculation central banks will take more action to spur growth reducing demand for haven assets.

The dollar also slid before U.S. factory and employment data that companies from Bank of New Zealand Ltd. to Bank of Tokyo-Mitsubishi UFJ Ltd. say may add to the case for stimulus from the Federal Reserve that debases the currency.  U.S. factory orders probably rose 0.1 percent in May after a 0.6 percent drop the previous month, according to the median estimate of economists surveyed by Bloomberg News before the Commerce Department releases its data today.

European Central Bank officials are forecast to cut their main interest rate to a record on July 5.

Australia’s dollar reached a two- month high after data showed building approvals surged by a record in May and before the nation’s central bank releases its policy decision this afternoon. In Australia, the number of permits granted to build or renovate houses and apartments jumped a record 27.3 percent from April, when they declined a revised 7.6 percent, the Bureau of Statistics said in Sydney. The median estimate of economists in a Bloomberg survey was a 5 percent gain.

The Reserve Bank of Australia will keep its cash-rate target at 3.5 percent at a policy meeting today, according to all 28 economists in a Bloomberg News survey.

In China, the purchasing managers’ index of non- manufacturing rose to a three-month high of 56.7 in June from 55.2 in May, the National Bureau of Statistics and China Federation of Logistics and Purchasing said in Beijing today.

EUR / USD: during the Asian session the pair receded from yesterday's low.

GBP / USD: during the Asian session the pair holds in range $1.5685-$1.5710.

USD / JPY: during the Asian session the pair rose.

UK data at 0830GMT sees the Markit/CIPS Construction PMI as well as Bank of England Bankstats data with lending and money supply data. EMU data also sees PPI for May at 0900GMT, while at 1115GMT, German Chancellor Angela Merkel and Slovak Prime Minister Robert Fico give a joint press conference after their meeting in Berlin.US data starts at 1145GMT with the weekly ICSC-Goldman Store Sales data, which is followed at 1255GMT by the weekly Redbook Average. Also in the US today, domestic-made light vehicle sales are expected to rebound to 10.8 million annual rate in June after falling to 10.5 million in May.