Major currency pairings were relatively unchanged this morning. Sterling continues to trade in tight ranges ahead of important U.S. data and Eurozone central bank news later this week. We have yet to trade outside of $1.4100 & $1,4200 and likewise 1.1600 & 1.1650 v Euro. Short term, price actions will likely revolve around whether the UK government will extend the current lockdown policy beyond 21st June or not.

The US Dollar long term downtrend could be tested this week as investors/traders await the latest U.S. Consumer Price Index readings tomorrow. Ranges have also been very tight overnight in the Asian session.

German economic data this week has so far undershot, including the latest trade balance released earlier this morning. As mentioned, the ECB policy meeting/press conference, combined with the U.S. inflation release (Thursday) could well influence the next move in the Euro (and USD).