Currency trading in the opening session of the week was quiet with no new territory explored by cautious fx traders. The focus of the US Dollar for the week is likely to be the US Retail Sales data on Tuesday and the US CPI data on Thursday. Retail Sales is likely to come in at a negative level after a good holiday season while CPI will be subject to the vagaries of the feed through of oil prices to the consumer. The Euro currency will look carefully at the release of the German ZEW survey results on Tuesday morning, to see how fast Europe’s biggest economy is emerging from the slump of the last six years or so. The currencies are moving roughly sideways in broad ranges, with currency traders very much concentrating on the likely moves by Central Banks to point the way. The Euro is trading between 1.2000 and 1.1850, the Swiss Franc between 1.3050 and 1.3250. The British Pound looks weak and while it is trading in a narrow range around the 1.7250 level a move lower of 70 or 80 pips should not be ruled out. The Japanese Yen is trading just under the 119.00 level. A session close above 119.40 would have forex traders looking for a move of about 100 pips before real resistance would come into play. If the Canadian Dollar could edge below 1.1580 we could be looking at testing the lows of last week, but it would have to be with strengthening gold and oil prices,