FOREX TODAY: AS THE MAJOR CENTRAL BANK WEEK GETS UNDERWAY, MAJOR CURRENCY PAIRS STAY CALM.

Early on Monday, investors were preparing for the important central bank meetings and macroeconomic events of the week, which kept the action in the financial markets muted. There are not going to be data releases on the European economic docket. The Texas Manufacturing Business Index for January will be released later in the day by the Federal Reserve Bank of Dallas.

The prior week saw minor increases in the US Dollar Index (DXY), helped by positive data releases. Monday morning in Europe, the index stays flat at roughly 103.50 as the yield on the benchmark 10-year US Treasury note keeps moving within a narrow range above 4%. As for the beginning of the week, geopolitical tensions are still high in the wake of reports of a drone strike that killed three soldiers and injured over twenty more at a US base close to Jordan's Syrian border. Futures for the US market index trade slightly lower on the day, reflecting the cautious attitude. The Federal Reserve will make its monetary policy announcements on Wednesday after its first meeting of the year.

The current US dollar price

The US dollar's (USD) percentage change compared to a list of major currencies is displayed in the table below. Against the Euro, the US Dollar was the most robust.

The major currencies' percentage movements relative to one another are displayed on the heat map. The quotation currency is selected from the top row, and the base currency is selected from the left column. For example, the percentage change shown in the box will indicate EUR (base)/JPY (quote) if you select the Euro from the left column and proceed along the horizontal line to the Japanese Yen.

The EUR/USD have entered a consolidation phase at 1.0850, having ended growth for the Euro area's, fourth quarter will be made public by Eurostat on Tuesday.

The GBP/USD pair continued its sideways trend at roughly 1.2700 early. According to a survey released on Monday by US bank Citi and polling company YouGov, UK inflation estimates for the upcoming year dropped from 4.2% in October to 3.9% and 3.5% in November and December, respectively. On Thursday, the Bank of England will make its policy announcements.

In last week's erratic trading, USD/JPY ends the day modestly down, closing in on 148.00 on Monday. Tuesday's Asian session will examine Japan's December in search of new inspiration.

Although gold saw minor losses last week, it was able to gain momentum early on Monday. XAU/USD was up 0.5% on the day at $2,028 at the time of publication.