Narrow ranges have been prevailing in early-week trading. EUR-USD has been consolidating losses seen last week after the pair hit a 27-month peak at 1.1967, holding today near the 1.1800 level, up on Friday’s pull-back low at 1.1754. Last week, while producing a new trend high, was the first down week EUR-USD has seen out of the last nine weeks. The pair has been trending higher from the sub-1.0650 lows that were printed in March. USD-JPY, meanwhile, has posted a sub-25-pip range so far today, holding in the mid-to-upper 105.00s.

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