LONDON (AFX) - The euro was little changed and range-bound in early London trade with market activity quietening down as Christmas approaches, dealers said. "Things are quiet and the euro's been stuck in the 0.89-090 range for some time now," Jeremy Hawkins, chief economist Europe at Bank of America said. "The numbers out in the US later on (US Nov retail sales), may however have some effect," he added. Michael Klawitter, a currency strategist at West LB said: "On the back of the dollar weakness, euro-dollar has risen to its highest level in one month. The risks are currently to the upside and a break of the 0.90 level is on the cards." "However, we do not expect euro-dollar to emerge on a clear upward trend similar to Dec 2000 when euro-dollar rallied in December from 0.87 to 0.94. This morning's release of German Oct retail sales was once again a reminder of the fact that the euro zone data itself is currently offering little support to the currency," he added. Hawkins said that the yen appears to be the "whipping boy" at the moment and he sees more upside to euro-yen and sterling-yen. Sterling was slightly weaker in early trade ahead of UK retail sales data due out later this morning. "The retail sales data will emphasize the relative outperformance of the UK," Hawkins at Bank of America said. Klawitter said he doubted that sterling would benefit much from the retail sales data. "Sterling received hardly any support versus the euro from yesterday's stronger-than-expected labour market report as the surge in euro-dollar also lifted euro-sterling via the cross. Consequently, with the risk in euro-dollar remaining to the upside, even with the risks in today's UK retail sales once again being to the upside, sterling is unlikely to benefit much."