Currency markets consolidated recent levels in Asian trade Monday, as dealers sat on the sidelines awaiting developments from the summitt meeting between Japanese Prime Minister Junichiro Koizumi and US President George W. Bush. Also keeping traders on the sideline was the US Presidents Dy holiday Monday. With little new emerging from the Bush-Koizumi press conference, dealers were at first a little surprised to hear President Bush say the pair had discussed devaluation. However, the word was discounted, with most market participants actually believing Bush meant to say deflation.A US official was later reported on as saying Bush and Koizumi discussed deflation in their meeting. Elsewhere, the euro was sidelined, with the euro-dollar barely managing to trade in a 5-pip range in Asia.