00:00 Australia Bank holiday

00:00 New Zealand Bank holiday

The pound rose against all but one of its 16 most-traded counterparts before a report forecast to show the U.K economy avoided a triple-dip recession. The U.K. economy grew 0.1 percent in the first quarter after contracting 0.3 percent in the preceding three-month period, according to the median estimate of economists in a Bloomberg News survey before the figure is released today.

The pound gained for a fourth day against the euro amid growing expectations the European Central Bank will cut borrowing costs as early as next week, while Bank of England policy makers remain split on the need to provide more economic stimulus through so-called quantitative easing. The ECB will cut its key interest rate, already at a record low 0.75 percent, at its May 2 meeting as the euro-region economy slumps, banks including Nomura International Plc, UBS AG (UBSN) and Royal Bank of Scotland Group Plc (RBS) predict.

Spain's unemployment rate probably reached a record high of 26.5 percent in the first quarter, according to the median estimate in a separate Bloomberg survey ahead of the report today. It was an unprecedented 26 percent in the fourth quarter.

The yen fell against most peers after a report showed Japanese investors were net sellers of foreign bonds for a sixth-straight week. Japanese investors sold a net 862.6 billion yen ($8.7 billion) in overseas bonds and notes and sold 45.2 billion yen in overseas short-term securities during the week ended April 19, the Ministry of Finance announced today.

New Zealand's kiwi dollar climbed. Financial markets in Australia and New Zealand are closed today for national holidays.

EUR / USD: during the Asian session the pair rose to $ 1.3060

GBP / USD: during the Asian session the pair rose to $ 1.5335.

USD / JPY: during the Asian session the pair fell to Y99.30.

A light EZ data calendar today, though several speakers could provide headline risk. Recent German PMI and Ifo data now has market on ECB rate cut alert for next Thursday and will be noting any comment from officials ahead of this event. However, focus today will be on the first reading of UK Q1 GDP