LONDON (AFX) - Major currencies were rangebound in early trade though euro/dollar could be heading back above 0.9500 usd if US equities slip up, dealers said. Rob Hayward, currency strategist at ABN Amro, said euro/dollar could lurch higher if equity markets go into reverse, even though there's said to be some options defences at the 0.9500 usd mark. "The risk is we'll push through there," he said, which could then prompt a run-up to the 0.9555 mark. Daniel Hannah of Standard Chartered thinks the euro will probably break through the 0.95 level, but doubts it will get much higher. "It's going to be a day of consolidation in a pretty thin market because of the World Cup," he said. However, he noted that encouraging French inflation figures may prompt some euro buying. What could drive the performance of US stocks later is the publication of the Federal Reserve's Beige Book. "Whilst the report does not immediately leap out as a significant driver of short term currency movements, the FOMC relies heavily on its conclusions about overall economic conditions to formulate monetary policy," said Commerzbank currency strategist Nick Parsons. This will be the last report before the next rate-setting meeting on June 26 and Parsons said the FOMC will be "particularly interested in whether business investment spending is showing any signs of recovery." Meanwhile, the yen was a bit softer, primarily on the back of sustained euro buying, said ABN Amro's Hayward. "The Bank of Japan left monetary policy unchanged, but with Japanese equities trading south the yen is likely to remain under selling pressure," said BNP Paribas head of forex strategy Hans Redeker. There's little going on regarding sterling with no UK data today. "The next important economic events come tomorrow with the testimony of the five members of the MPC to the Treasury Select Committee," said Deutsche Bank economist George Buckley.