Asian session: The dollar was 0.3 percent from a six-week low against the euro

01:00 New Zealand ANZ Business Confidence July 50.1 52.8

01:30 Australia Private Sector Credit, m/m June +0.3% +0.3% +0.4%

01:30 Australia Private Sector Credit, y/y June +3.0% +2.9% +3.1%

01:30 Japan Labor Cash Earnings, YoY June 0.0% +0.2% +0.1%

05:00 Japan Housing Starts, y/y June +14.5% +15.9% +15.8%

The dollar is set to close out a monthly loss against most of its major peers as investors await the Federal Reserve’s policy statement today for signals on when it may curb bond buying that tends to debase the currency.

The dollar was 0.3 percent from a six-week low against the euro before U.S. data forecast to show slowing growth in gross domestic product and employment. U.S. gross domestic product probably grew at a 1 percent annualized rate from April through June, compared with 1.8 percent in the previous three months, according to the median estimate of economists surveyed by Bloomberg News before the Commerce Department data today.

A separate poll forecast that a report from the ADP Research Institute today will show employers added 180,000 jobs this month, less than the 188,000 in June. Fed Chairman Ben S. Bernanke said earlier this month that any reduction in stimulus would depend on the economy’s performance.

The pound traded near the lowest in four months against the euro before policy decisions from the European Central Bank and the Bank of England tomorrow.

The Aussie fell for a third day amid speculation the Reserve Bank of Australia will cut borrowing costs next week. Governor Glenn Stevens said yesterday the inflation outlook provided room for further policy easing, prompting a 1.6 percent slide in the currency.

EUR / USD: during the Asian session the pair traded in the range of $ 1.3255-70

GBP / USD: during the Asian session the pair fell below $ 1.5220

USD / JPY: during the Asian session the pair traded in the range of Y97.85-15

Germany's DIW economic research institute releases it's monthly economic barometer today, although scheduled European data starts at 0600GMT with the release of German retail sales as well as the ILO measure of the employment change. German retail sales are expected to have risen 0.4% m/m, 0.5% y/y after their 0.8% m/m (-0.4% y/y) result last month. France releases consumer spending data and PPI at 0645GMT with consumer spending seen coming in at -0.3% m/m, -0.2% y/y. Spain retail sales are due at 0700GMT at the same time as the Swiss KOF economic barometer is expected to come in at 1.22 in July after 1.16 in June. The main German unemployment data is due at 0755GMT, when a change of -2,500 is expected, leaving the unemployment rate at 6.8%. German Labour Minister Ursula von der Leyen gives a press conference at 0900GMT on the release of the data. Also at 0900GMT, Italy and EMU flash HICP data for July is due along with EMU unemployment data. The EMU flash HICP is seen confirming the preliminary 1.6% y/y reading with Italy seen at 1.5% y/y