Wednesday is normally a busy day that creates a swing point in the trading week that offers potential to reverse moves as Thursday and Friday roll around. This week however may be a little different because of the measly amount of pips that the major pairs have moved against the dollar from the Asian open 24 hours ago. Less than 100 pips in total, across the major pairs, is not something that is seen too often on a daily basis, but to have seven days of trade that only just beat that number adds to the fact that the currency markets have found a comfort zone. There will need to be some dramatic changes in sentiment to get things breaking the near-term ranges, and until that happens the 'one day up, one day down' trading routine will continue.
The Asian session brings with it the Australian employment data, followed in the European session by the ECB monthly bulletin, and then by the U.S. retail sales numbers on Thursday. All-in-all the markets are in a status-quo frame of mind, one where 'as-is' is all that we are getting right now. Until the global equity markets can string together a run of trade that forms a weekly direction, and actually draws in volume levels that are better than the current low numbers, this is how things will be.