The currency market continues to consolidate around levels reached on Friday, primarily due to the complete absence of any macroeconomic data. With today's economic calendar remaining empty and the European Central Bank's upcoming meeting on Thursday, this consolidation could transition into stagnation.
This state of inertia is likely to persist at least until tomorrow, when the U.S. inflation data is released. This data will undoubtedly stir market activity, but any movement is expected to remain limited precisely because of Thursday's highly anticipated ECB Governing Council meeting.