USD/Major pairs stable as dollar consolidates after recent volatility

The US dollar is trading flat against major currencies in early Asian sessions, with DXY holding near 104.50 as markets digest this week's choppy price action. EUR/USD remains range-bound around 1.0850, while GBP/USD hovers near 1.2650, reflecting minimal overnight movements of less than 0.1% across major pairs. The dollar's recent back-and-forth pattern continues after Tuesday's decline, suggesting traders are awaiting fresh catalysts ahead of European market open. Technical indicators point to consolidation, with the DXY trapped between 104.30 support and 104.70 resistance. Market participants are positioning cautiously ahead of Thursday's ECB meeting and Friday's US employment data, which could provide directional clarity. The lack of significant economic releases during Asian hours has contributed to the subdued volatility, with implied volatility measures for major pairs declining to multi-week lows.