Australia's dollar consolidated following three days of declines ahead of the Reserve Bank's policy decision later on Tuesday.

AUD/USD traded steady at 0.6614 after losing about 0.8% in the past three sessions. Economists expect the RBA to keep the official cash rate at 4.35% for a fifth straight meeting when announcing its decision at 2:30 pm in Sydney

"The market sees very little change in the wording in the statement today," Chris Weston, head of research at Pepperstone Group Ltd., wrote in a note. "It should be a low-vol affair for the Australian dollar, although it is still a risk to manage".

USD/JPY fell as much as 0.1% to 157.52, declining for the first time in four sessions, after BOJ Governor Kazuo Ueda said it's possible to raise the policy rate in July.

The Bloomberg Dollar Spot Index held steady, while the Treasury 10-year note yield fell 2 basis points to 4.27%

May retail sales data are due for release later Tuesday.

Retail sales probably rebounded modestly as businesses slashed prices to attract customers around Memorial Day weekend and auto dealers offered discounts, Bloomberg Economics' Estelle Ou and Eliza Winger wrote in a note.

All major currencies were in a tight range.

EUR/USD also traded steady at 1.0730.

Source: Bloomberg