Markets seems to be building up to Thursday's rate decisions from both the BOE and the ECB, while today the PMI Services is due to be released from Germany, Euro Zone, and the U.K.
Majors had been trading within limited ranges since early this morning ahead of the data coming out; the Euro Zone will also release the Retail Sales for the month of December.

The Euro is still trading within narrow ranges since the start of today's Asian session, recording a high of 1.4834 and a low of 1.4806.

The British Pound is also trading within limited ranges, recording a high of 1.9762 and a low of 1.9700.

As investors went back t carry trades the Yen declined against majors yesterday, yet they remain cautious not taking advantage of carry trades to its full extent as the turbulence in the financial markets still prevails, the USD/JPY pair recorded a high of 107.02 and a low of 106.58.

On separate news, the Reserve Bank of Australia decided to hike their benchmark interest rates by a quarter basis points to 7.00% inline with analysts' expectations, the AUD/USD pair recorded a high of 0.9090 and a low of 0.9029 so far today.