Tight Ranges to Start the Week

From Thompson Financial: 

Dealers report reasonable volume in the early market, but tight ranges. The GBP/USD has been busy in a 1.7765/78 range, the USD/JPY closed at 114.25 and has traded 114.16/33, the EUR/USD closed in NY at 1.2135 and has traded 1.2139/51, while the AUD/USD closed at 0.7550 and has been active in a 0.7547/55 range. There has been little fresh news over the weekend to drive the USD, so the market is digesting the USD negative comments on Friday from the BIS"s White on the U.S. deficits and Treasury Secretary Snows comments on central bank reserve diversification, in the context of slightly weaker than expected U.S. data. There is a NY holiday tonight, so we expect a session of range trading today in Asia.