Little change in quietest session of the......>

FOREX: Little change in quietest session of the week

-Currencies largely stuck to their recent ranges Tuesday on the quietest session

of the week in terms of data and central bank speakers. Despite closing below

the 100-dma at 95.995 yesterday for the first time since September, the USD

index clawed back some of the modest losses, prompting the USD to be one of the

firmer currencies this morning. CAD outperforms all others, however, as

improving commodities prices and yesterday's strong Ivey PMI continue to

underpin sentiment. As a result, USD/CAD continues to grind lower and a break

below 1.32 would be the first since early December.

-AUD and NZD are the weakest in G10 so far, but pullbacks remain shallow with

yesterday's lows as yet untroubled. 

-EUR trades modestly weaker as German industrial production data disappointed

(-1.9% m/m vs. Exp. +0.3%), but large options expiring between $1.1325-35 could

keep spot contained until the NY cut.

-Datapoints are few and far between with US JOLTS data and Canadian trade

balance the only releases of note.