FX Action: EUR-USD, USD-JPY and other major pairings are in sideways mode
FX Action: EUR-USD, USD-JPY and other major pairings are in sideways mode in the absence of U.S. market participants. Japanese markets were also closed. EUR-USD has been seeing a very narrow range near 1.1840-50 while USD-JPY has been bumping along in a narrow oscillation in the low 111.0s, above the two-month low that was printed during the Asia-Pacific session. USD-CAD saw the biggest movement in a thin-market-exaggerated 50 bp spike to 1.2731 following sub-forecast Canadian retail sales data earlier, though has since side-lined around 1.2720. The pound is showing moderate declines, with the currency still feeling the chill winds after the substantial downgrades to the OBR's official UK growth forecasts yesterday.