Majors were trading in a tight range in the Asian session with a downside bias versus greenback after they managed to reclaim some of their losses against the dollar in the past couple of sessions. The gauge measuring the dollar's strength against six of its major rivals traded among the highest at 87.22 and lowest of 86.93 and currently around 87.17. The US economy which lacked major fundamentals throughout the week will be releasing the major data today as investors await retail sales and confidence indicators to shape their expectations for the economic outlook as feds Bernanke confirmed ongoing modest recovery.
The euro versus the dollar traded in a tight range with downside tendencies among the lowest at 1.2092 and the highest at 1.2147 and currently around 1.2101 among areas of 1.2100 and 1.2120. Momentum indicators over hourly basis are providing signals for a positive crossover though over four-hour basis conflicting negative overlapping is provided increasing the expectations for volatility.
As for sterling, it is also trading narrowly among the highest recorded at 1.4730 and lowest at 1.4692 and currently midrange around 1.4709 among 1.4680 and 1.4730 levels. The pair over daily basis continues to rebound off oversold areas which might affect trading today as over intraday basis the pair is mainly overbought; the expected decline in industrial performance due to be reported today might pressure the pair south and continue the downside move with position squaring at the end of the trading week.
Regarding the USDJPY pair, it traded among the highest set so far at 91.73 and the lowest at 91.41 and currently around 91.55 among 91.45 and 91.80 areas.