Trading volumes and impetus are likely to be crimped by today’s U.S. holiday. The backdrop air of risk aversion in financial markets should keep the USD and JPY broadly underpinned, although both currencies have unwound some of the gains they posted yesterday against most other units. Recent ranges have prevailed with EUR-USD still holding the 1.3800-1.4200 range and GBP-USD in a range of 1.6200-1.6600, while USD-JPY is largely contained between 95.00 to 97.00. In the bigger picture it becomes clear that the Q1-Q2 period of a dollar weakening trend has moderated. Today’s European calendar has the final reading of the eurozone Services PMI for June, May retail sales, Swiss CPI, the U.K. June CIPS Services PMI, U.K. HBOS house price data and Q1 BoE housing equity withdrawal figures.