The US Dollar is closing the European trading session virtually unchanged in what has been a very sluggish day with currency traders unable to summon the courage to take the major currencies, Japanese Yen, Swiss Franc, British Pound and Euro, into new territory. The release of much better than expected January US Leading Economic Indicators failed to give even the day traders the much needed push to take a few pips out of the market by triggering near term stops. Some fx traders say they are waiting for the release of the FOMC minutes from 31st January later today, or even the promised Japanese Government upgrade of the economy in their February monthly update to a ‘moderate’ recovery is a pretty lame excuse. Last week traders said they would not act on data because it was backward looking , then when they get a Leading Indicators figure they ignore it for some comments made three weeks ago! Maybe tomorrows US January CPI data will provide a spark to the forex markets.