A top Fed official shot down near-term tapering speculation ahead of Bernanke's testimony. The euro was the top performer while the pound lagged after soft UK inflation data. The Bank of Japan decision in is the major event on the calendar. GBP traders await the release of Wednesday's retail sales, followed by Thursday's release of the revised UK Q1 GDP, which may produce a positive combination for the pair and possibly cap EURGBP. Both of last night's EURUSD are in progress as is GBPUSD, both USDCAD, 1 CADJPY, 2 EURGBP and 1 silver, all seen in the latest Premium Insights.

NY Fed President Dudley said risks to the Fed's monthly QE program are double-sided, saying purchases could be increased or decreased. He seemed to brush off the idea of tapering in the next few months, saying it would take a 'material' change in the labor or inflation outlook to change course.