The US dollar was lower against the yen and euro here, giving back earlier gains in thin trading, with currency markets continuing to trade in narrow ranges ahead of inflation data. A speech by former Federal Reserve chairman Alan Greenspan tonight is expected to give traders something to ponder judging by the impact of recent Greenspan speeches, but US, UK and euro zone inflation data will continue to be the main events. At 2:42 pm (0442 GMT), the dollar was trading at 121.66 yen compared to 121.77 yen in Sydney morning trade while the euro was firmer at 1.3363 usd from 1.3350 earlier. CMC Markets chief analyst Ashraf Laidi said the US dollar's direction over the coming week's will likely be dictated by Friday's consumer price inflation data for May. He said this key data release is likely to cause further declines in the US dollar if there is another retreat in the year-on-year core rate towards the 2.0 pct figure, while an unchanged outcome at 2.3 pct will likely be seen as neutral. Laidi said the euro is being supported by comments from European Central Bank members indicating that the ECB interest rate tightening cycle has not yet ended. But, he added, traders will continue reducing net euro long positions as has been the case over the last three weeks amid reduced market expectations of a Federal Reserve interest rate cut this year. "We reiterate that renewed evidence of slowing US inflation-such as this week's core CPI-would entice fresh euro longs," Laidi said. "The euro support remains held at the 100-day moving average of 1.3320 usd , a break of which could test 1.3290 usd," he added.