A quiet Asia session was followed by more.....>

FOREX: A quiet Asia session was followed by more quiet European trade, with

light volumes and little newsflow muting price action throughout the UK/EU

session. The dollar index sits close to the lowest levels of the week as traders

took the opportunity to cement profits after the US Senate passed the landmark

tax bill late last night.

- The modest losses for the USD has allowed both EUR/USD and GBP/USD to hold

onto weekly gains with the JPY one of the few currencies to remain weaker

against the greenback.

- EUR/USD sits at the mid-point of the day's range with daily trend line

resistance at $1.1872 providing a near term cap for the pair.

- GBP/USD has failed to meaningfully break above $1.34 with apparent offers at

yesterday's high of $1.3402 keeping upward momentum limited.

- With European newsflow and data done for the day, focus is likely to remain on

the dollar and tax bill proceedings as Trump is just a few steps away from the

first big legislative win of his Presidency.