00:30 Australia Westpac Consumer Confidence May -5.1% -7.0%

04:00 Japan BoJ Interest Rate Decision 0.10% 0.10% 0.10%

04:00 Japan BoJ Monetary Policy Statement

07:30 Japan BOJ Press Conference

The dollar fell for a third day against the euro before Federal Reserve Chairman Ben S. Bernanke addresses Congress amid concern he will disappoint expectations for a paring back of monetary stimulus.

The greenback weakened yesterday after St. Louis Fed President James Bullard said the central bank should keep buying bonds and New York Fed President William Dudley said it had previously been overly optimistic about growth. The purchases should be maintained because markets indicate they are improving financial conditions and can be adjusted based on how the economy changes, Bullard said yesterday in prepared remarks in Frankfurt. He votes on the policy-setting Federal Open Market Committee this year. New York Fed President Dudley said he hasn't decided whether bond-buying should be increased or cut. The Fed is waiting for a self-reinforcing economy before it ends stimulus, he said. It was too optimistic about economic prospects in the 2009-2012 period, he said.

The yen erased earlier declines against the dollar after Bank of Japan policy makers retained their monetary-base target and their statement made no reference to rising bond yields. The BOJ affirmed a plan to double the monetary base over two years at the end of its policy meeting. The central bank will expand the supply of money in the economy by 60 trillion yen ($585 billion) to 70 trillion yen a year, as pledged in April, it said today.

Japan's exports missed estimates in April and the trade deficit swelled, data today showed.

EUR / USD: during the Asian session, the pair rose to $ 1.2940

GBP / USD: during the Asian session, the pair is trading around $ 1.5150

USD / JPY: during the Asian session, the pair is trading around Y102.50

A light EZ and US data calendar with key event being Fed Bernanke Testimony at 1400GMT, overshadowing later FOMC Minutes. UK calendar full of interest, UK retail sales and PSNB due at 0830GMT, along with BOE MPC Minutes, followed by the IMF press conference on the conclusion of the mission fopr the 2013 Article VI Consultations with the UK at 1100GMT.