LONDON (AFX) - Major currencies were rangebound against each other in subdued midday trade as light profit taking emerged to cap the euro's gains following a strong reading in the German Ifo business climate index, dealers said. The holiday in the US has put a damper on the day's proceedings while the ever present threat of Bank of Japan intervention to weaken the yen continued to keep dollar-yen rangebound, dealers added. The main event for the day - the German Ifo index - has already passed, helping the euro nudge higher briefly, Standard Chartered economist David Mann said. The West German business climate index rose to 91.5 pct in May from 90.5 in April with all the important component figures also registering rises. For instance, the May business expectations index was at 106.1, up from a revised 104.7 in April and 94.7 in May last year. But the figures have little implication for interest rates, he added. The outlook for inflation is good with this morning's German PPI figures showing there is no upstream pressure on prices, he said. "For now things are very quiet, there is very little going on," he added. Looking ahead, tomorrow's US May consumer confidence data will be a key factor, he said. There is some doubt whether the national figures will come in along the lines of the better-than-expected University of Michigan confidence indicator.