The US dollar was rangebound against other major currencies in early afternoon trade here, with investors hesitant to take fresh positions ahead of key US and Eurozone data, dealers said. In the US, July consumer confidence and June existing home sales will be released later today, while in the eurozone, the closely-watched Ifo survey of German business confidence for July will be published tomorrow. "If the slew of US economic data is weak enough to convince the market of an imminent pause in Fed interest rate hikes, the dollar may test the 115.50 yen level," Bank of Mitsubishi UFJ forex analyst Masashi Hashimoto said. The market has already turned bearish for the dollar in the wake of dovish testimony last week by US Federal Reserve chairman Ben Bernanke, who indicated that with growth moderating in the US inflation, for the moment, appeared to be contained. "If the dollar fails to protect the 115.50 yen level in the short term, it may then test the 115.00 yen mark, and then possibly fall towards the 113.50 yen level," Hashimoto said.