LONDON, Nov 11: Major currencies were rangebound on Monday in quiet trading owing to public holidays in the United States and many European countries.

The single European currency stood at 1.0138 dollars against 1.0129 late on Friday in New York. The dollar traded at 119.58 yen from 119.70 yens.

With little in the way of economic data on both sides of the Atlantic, attention was shifting towards US Federal Reserve chairman Alan Greenspan’s speech before the Joint Economic Committee of Congress on Wednesday, dealers said.

The dollar could also be hit hard by a decline in US retail sales figures for October expected on Thursday, they added.

Trade was muted owing to US Veterans Day holiday, though the market still had much to digest after the US interest rate cut last week and the prospect of the Iraqi crisis coming to a head soon, said Bear Stearn economist David Brown.

The UN Security Council on Friday unanimously adopted a US-sponsored draft resolution to send UN inspectors into Iraq and warned of “serious consequences” if its leader Saddam Hussein failed to meet disarmament obligations.

Brown said the market would be listening to Greenspan’s view on the US economic outlook and looking at the Federal Reserve’s underlying rationale for last week’s aggressive 50 basis points rate cut.

Was it simply the Fed pulling out all the stops to boost economic confidence or was it a reflection of policy weakness? asked Brown. Greenspan’s views will have a critical effect on market thinking, he said.

Meanwhile the euro continued to capitalise on dollar weakness, though a survey of German business expectations survey for November from the ZEW economic institute is expected to show that the outlook for the German economy remains gloomy when released on Tuesday.

Dealers in London will also focus on Bank of England’s November Inflation Report due out on Wednesday which they said should shed some light on the British central bank’s decision to leave rates on hold at 4.0 per cent last week.

The euro was changing hands at 1.0138 dollars from 1.0129 late on Friday in New York, 121.25 yen (121.33), 0.6376 pounds (0.6362) and 1.4634 Swiss francs (1.4616).

The dollar was being quoted at 119.58 yen (119.74) and 1.4428 Swiss francs (1.4427).

The pound was at 1.5907 dollars (1.5912), 190.19 yen (190.61) and 2.2954 Swiss francs (2.2962).

On the London Bullion Market, the price of an ounce of gold eased to $320.20 against 321.75 late on Friday.

TOKYO: The dollar remained under selling pressure in Tokyo on Monday on concerns over a possible war against Iraq and the uncertain outlook for the US economy, dealers said.