Overnight the US Dollar remained range bound against the 4 major currencies ( British Pound, Japanese Yen, Swiss Franc and Euro) with little in the way of news to induce fx traders to emerge from their comfort zones. US Consumer credit data did show a rise for the first time in 3 months ( 3.3 billion dollars in December , or 1.9% annual rise) but it was below expectations and the US Treasury auction of 21 billion dollars of 3 year notes was given a luke warm reception. Gold tumbled 18 dollars an ounce and oil sprang a leak closing some 2.5 dollars lower in futures trading in New York. German trade surplus narrowed to 9.2 billion Euro in December against 13.3 billion Euro in November.
Forex traders have little economic data on the immediate horizon to encourage them to try and take the currencies out of some tight ranges for the morning. Interest rates remain the long term focus, with Fridays release of the Us Trade balance is the short term interest.