China denies Yuan revaluation

With Chinese currency officials denying revaluing Yuan peg in 2005, the markets have started taking a clue for Asian currencies from it, with Yen already trading at a 1-month high.
With the week full of Japanese and European data the US Dollar may try to recover on any negative sentiment. Markets are expected to be jittery with both side movements during the week.

Outlook for the day

EUR/USD - With Euro losing on technical selling against the Dollar, the range is expected to be 1.2975 - 1.3120.
GBP/USD - Cable is also losing ground against the dollar in early Asian trade, and is expected to move in 1.9060 - 1.9220 range.
USD/JPY - Yen’s gain on Chinese Revaluation talks is expected to last for the day with the range being 105.20 - 106.20.