Not a very thrilling start to the week in the world of FX, the dollar for the most part maintaining familiar ranges. USD-JPY suffered early on as a combination of stop loss and EUR-JPY selling kicked in. The dollar traded briefly on the 127 handle before support kicked in. EUR-JPY bids at 112.00 also helped provide a floor for the greenback. EUR-USD traded a 20 pip range for virtually the entire session, the pair running into solid offers over 0.8760, while the 0.8740 level brought in spec as well as short term fund bids. Elsewhere, USD-CAD buying (IMM accounts) protected the 1.5830 region, the same accounts later noted on the offer near 1.5850. The NY close below the 50 area is seen as a C$ positive as we look ahead. AUD-USD looked heavy after the NY open, Swiss name selling pressuring the 0.5200 level. Intra day shorts though kept the figure protected. Better than expected inventory data had little impact on FX trade. Nothing to speak of on the data front tomorrow, the market likely to remain somewhat sidelined ahead of Wednesday's February retail sales data.
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