By Cornelius Luca
New York, May 7 (BridgeNews) - The dollar opens barely changed from Friday's close as a holiday in London will put a damper on trading activity.
The euro might come under fire early this week following news that German manufacturing orders plunged for the third straight month due to shrinking foreign demand. The dollar pulled back from a four-day high of 121.83 yen as traders mulled over Japanese Prime Minister Junichiro Koizumi's tough stance on economic restructuring.
* * * All major currency pairs, except for dollar/yen, marked time within previous ranges while waiting for a cue from the U.S. markets. The domestic event agenda includes speeches by Treasury Secretary Paul O'Neill, Federal Reserve Bank of Philadelphia President Anthony Santomero and Cleveland Fed President Jerry Jordan. Key U.S. economic statistics--PPI, retail sales and University of Michigan consumer confidence survey--will be released Friday.
Traders will likely keep most pairs range-bound, with dollar/yen between 120.50-122.50 and euro/dollar around the 20-day moving average, currently at 0.8924.

Current Previous Change Global Global
NY open NY close low high

USD/JPY 121.23 121.40 -0.17 121.14 121.83
EUR/USD 0.8924 0.8928 -0.0004 0.8902 0.8940
EUR/JPY 108.20 108.43 -0.23 108.08 108.73
GBP/USD 1.4380 1.4385 -0.0005 1.4355 1.4385
USD/CHF 1.7289 1.7294 -0.0005 1.7281 1.7336
USD/CAD 1.5344 1.5349 -0.0005 1.5325 1.5353
AUD/USD 0.5183 0.5184 -0.0001 0.5177 0.5197
NZD/USD 0.4213 0.4220 -0.0007 0.4207 0.4225
SP.1 1270.30 -2.90 1268.00 1274.50
ND.1 1937.00 -3.50 1928.00 1947.50