01:30 Australia New Motor Vehicle Sales (MoM) May -1.6% 0.0%

01:30 Australia New Motor Vehicle Sales (YoY) May +3.3% +0.2%

The euro climbed against the yen before European data on the region's trade balance due today as inflows in the region support the best-performing currency among majors this year. The European Union's statistics office in Luxembourg is due to release April trade data for the region today. Euro-area exports exceeded imports by 18.7 billion euros ($25 billion) in March on a seasonally adjusted basis, the biggest trade surplus on record going back to 1999, figures showed last month.

The Dollar Index snapped a five-day decline before the Federal Reserve starts a two-day policy meeting tomorrow as investors weigh when the central bank will curb bond purchases.

Japan's currency weakened versus all its major peers after a technical indicator signaled that its recent gain was too rapid. The yen's 14-day relative-strength index against the dollar climbed to 70 on June 14, a level that some traders see as a signal that an asset's price has risen too far, too fast and is due to reverse course. The RSI for Japan's currency against the euro was 66 at the end of last week.

EUR / USD: during the Asian session the pair fell below $ 1.3330

GBP / USD: during the Asian session the pair fell below $ 1.5700

USD / JPY: during the Asian session the pair rose to Y94.80

There is a full calendar Monday, including the start of the latest G8 gathering in Northern Ireland. However, the main focus of the week is undoubtedly going to be the FOMC meeting and any possible clarification of the Fed's position on tapering bond purchases. The first data release is expected at 0900GMT, with the release of the EMU first quarter labour costs and the April EMU trade balance. At 1000GMT, the Bundesbank will release the June monthly bulletin. At 1315GMT, ECB Executive Board member Joerg Asmussen will participate in a financial market dialogue on ECB policy, in Magdeburg, Germany. There are further European comments expected from 1430GMT, when EU Economics and Monetary Affairs Commissioner Olli Rehn will discuss national policy recommendations at the European Parliament's ECON committee, in Brussels. At 1510GMT, ECB Governing Council member Jens Weidmann is slated to speak on the "Challenges in Monetary Union", in Bremen. Then, at 1630GMT, ECB Governing Council member Ewald Nowotny will appear on a panel at the House of Industry, in Vienna