Major FX pairs stuck in ranges as traders await tariff developments

Major currency pairs remained largely unchanged during European trading hours, with EUR/USD hovering near 1.0830 and GBP/USD around 1.2720. Market participants are exercising caution ahead of potential trade and tariff announcements that could significantly impact currency valuations. The lack of directional momentum reflects broader uncertainty about global trade policies and their implications for economic growth. USD/JPY continues to trade within a tight 155.20-155.80 range, while commodity currencies like AUD/USD and USD/CAD show minimal movement around 0.6580 and 1.3650 respectively. Trading volumes remain below average as investors await clearer signals on trade negotiations. Technical analysis shows most pairs trapped between key support and resistance levels, suggesting continued consolidation until a catalyst emerges. The subdued price action may persist until concrete developments on tariffs provide direction for currency markets.