LONDON (AFX) - Major currencies were rangebound in quiet early trade though the dollar made up some ground amid signs of stabilising equity markets, dealers said. "Major markets have continued to trade in consolidative ranges, though with the dollar trading marginally firmer on the back of stable equity markets," said Commerzbank currency strategist Kamal Sharma. Ian Stannard, currency strategist at BNP Paribas, thinks that the euro is running out of steam, with euro/dollar meeting resistance at 0.9485. And Paul Mackel, currency strategist at Dresdner Kleinwort Wasserstein, thinks there's "some sort of barrier protection" for euro/dollar at 0.95. But the main influence over the last couple of sessions has been the performance of US stocks, though there was some unease following the latest terrorist alert in the US. "The equity markets are showing some signs of stabilisation," said Stannard. In addition, Stannard noted that the dollar could be perked up ahead of the latest US results season in a couple of weeks. "This gives the dollar a small window of opportunity," he said. "It's a small breather for the euro and probably a bit overdue." However, data from Germany could have an impact on trading today, said Stannard. In particular, market participants will be closely watching industrial production data and the ZEW manufacturing confidence index. And today's earnings report from Finnish mobile phone giant Nokia could be key as well, he added. "Although we expect today's release of German industry production and the June ZEW index to come in on the strong side of expectations, euro/dollar is likely to continue retracing gains witnessed since early April," he said. "This correction should take it back to min. 0.9330, but the anticipated setback should be time-consuming leading to a decline in implied volatility," he added. Meanwhile, the dollar remains well-supported against the yen amid continued intervention fears. A likely upgrade to the Japanese economy from the Bank of Japan is unlikely to spur the yen too much, given it would be in line with market expectations, said Stannard. Commerzbank's Sharma expects markets to maintain their current mode of consolidation until later in the week. US retail sales on Thursday will be particularly important, he said, while DKW's Mackel thinks tomorrow's Fed Beige Book may be important. This will provide a snapshot of the state of the US economy.