01:00 New Zealand ANZ Business Confidence May 32.3 41.8

01:30 Australia Private Sector Credit, m/m April +0.2% +0.3% +0.3%

01:30 Australia Private Sector Credit, y/y April +3.4% +3.0% +3.1%

The yen fell versus all of its major peers as a decline in consumer prices added to the case for the Bank of Japan to step up its stimulus efforts that tends to spur investors to chase higher yields offshore. Japan's consumer prices excluding fresh food fell 0.4 percent in April from a year earlier, the statistics bureau said today, compared with a 0.5 percent drop the prior month. The inflation rate hasn't been above zero in the past year.

The Dollar Index was set for its biggest weekly decline in almost four months ahead of U.S. reports today forecast to show consumer spending stagnated and an inflation measure fell. U.S. Commerce Department data is likely to show today that consumer spending in the U.S. was probably unchanged in April from a month earlier, according to the median estimate of economists in a Bloomberg News survey. The personal-consumption-expenditure index deflator, the Fed's favored inflation gauge, probably fell 0.2 percent last month from March, the most since May 2012, a separate poll of economists shows.

New Zealand's dollar advanced after the nation's terms of trade improved more than estimated. The terms of trade index, which measures the price of exports relative to imports, rose 4.1 percent in the first quarter from the previous three-month period, when it fell a revised 1.2 percent, Statistics New Zealand said in a statement in Wellington today. Economists had expected a 1.5 percent increase.

EUR / USD: during the Asian session the pair fell to $ 1.3030

GBP / USD: during the Asian session the pair fell to $ 1.5210

USD / JPY: during the Asian session the pair is trading around Y101.00

UK Nationwide house price data due for release at 0600GMT though focus for direction expected to be on end month flows. Euro area confidence data at 0900GMT provides the domestic highlight this morning, followed this afternoon by the US Q1 GDP second read.