LONDON (AFX) - The euro was rangebound in early trade after yesterday's rally on the back of US equity weakness fuelled by ongoing accountancy concerns, dealers said. "The euro's come off a little bit since its bounce yesterday," Nick Mirtchev of Halifax Treasury said. Persisting concerns over accounting practices at US companies and the fear instilled by the collapse of US energy giant Enron is depressing US equities and weighing on dollar sentiment, Mirtchev said. "The market is still suffering from Enronitis," he said. The outlook for US equities is not good, Mirtchev said, adding that further falls are likely. Sterling fell back after the UK press picked up on comments from Europe Minister Peter Hain in an interview with the French newspaper Le Figaro. Hain said in the interview that Chancellor Gordon Brown could be ready to deliver his verdict on the five economic tests for UK qualification for euro membership as early as this autumn, nine months before the June 2003 deadline. Mirtchev said the comments were contributing to sterling weakness, but added that the impact was limited as there have already been similar hints from Hain and Prime Minister Tony Blair. "Most people have been anticipating this, so the influence is limited," Mirtchev said. Michael Klawitter at West LB Research said Hain's comments leave much room for doubt. By the end of the summer, the euro zone may not show convincing signs of recovery making it difficult for the government to argue in favour of EMU membership. The release of the Bank of England Monetary Policy Committee's minutes at 9.30 am is not expected to present any surprises, dealers said. Mirtchev said he expects the minutes to reveal that the last vote to hold rates was unanimous, with an outside chance that committee member Sushil Wadhwani voted to cut rates by 25 basis points. He added that he expects the tone in the minutes to be the same as in the February Inflation Report. The yen was rangebound as dealers wait for the Japanese government to come up with concrete plans to rescue its ailing economy. Mirtchev said he expects the yen to drift along in a similar range until a string of banks publish results at the end of March.