* Currencies await Fed Powell's first congressional testimony

* Currencies await Fed Powell's first congressional testimony

British Prime Minister Theresa May won approval from the lower of house of parliament on Monday for a law designed to create an independent customs policy after Brexit.

A pro-Brexit lawmakers' amendment that will stop Britain collecting tariffs for the European Union after Brexit unless there is a reciprocal arrangement was narrowly approved by parliament on Monday with the government's support.

* Oil prices settle down over 4 percent, Brent hits 3-month low

* Dollar retreats ahead of Powell's testimony (Updates with U.S. afternoon trading)

The dollar fell on Monday after posting its largest weekly gain in a month last Friday, as investors pared back their long bets on the greenback and rebalanced their positions ahead of Federal Reserve Ch

* Graphic: Trade-weighted sterling since Brexit vote http://tmsnrt.rs/2hwV9Hv (Recasts, adds quote, updates figures)

* Financials rally after Bank of America, Deutsche Bank reports

British Prime Minister Theresa May will accept four changes to its customs legislation proposed by eurosceptics within her party on a law designed to create a functioning and independent customs policy, her spokesman said on Monday.