LONDON (AFX) - Major currencies were rangebound in quiet early trade with market participants anticipating little action over the day ahead with the US markets closed for President's Day and data flow light, dealers said. According to Bear Stearn's currency economist Steve Barrow, "the sum total of possible market-moving events today" involves speeches from the European Central Bank's Guy Quaden and Ernst Welteke. "We expect them to pursue the same line, namely that rates are at appropriate levels right now and that the euro has the potential to appreciate," said Barrow. WestLB's Michael Klawitter thinks that euro/dollar is likely to trade in the 0.87-0.88 usd trading range this week given the lack of data on both sides of the Atlantic. However, he warned that the risks remain to the downside. Rob Hayward, currency strategist at ABN Amro, said there's some room for euro appreciation over the next few days following last Friday's IMM data. "These showed that euro positions are fairly flat," he said. "There's some scope to build some euro long positions." Meanwhile dollar/yen was rangebound after talks between US President George W Bush and Prime Minister Junichiro Koizumi failed to affect the markets. However, Bear Stearns' Barrow said more may emerge about Japanese reflation plans and dollar/yen. "We believe that the US will continue to tacitly support a weaker yen, which is one reason why we still have our sights set on 140 yen," he said.