All eyes will be on be on Tuesday’s UK Fourth Quarter Gross Domestic Product growth rate numbers.

The US dollar and many key asset classes have been stuck in choppy trading ranges, and the lack of sustained direction makes currency forecasts especially difficult.

The euro's relatively narrow trading range against the US dollar suggests that markets have reached an impasse.

The following days will see the release of potentially significant Pending Home Sales and ADP Employment Change reports.

Three consecutive weeks of declines nonetheless leave the single currency at high risk for a short-term bounce, and a holiday-shortened week of trading may produce especially choppy price action.

Markets overwhelmingly predict that the Bank of Japan will leave interest rates unchanged at their upcoming meeting, but it may be important to watch for any and all references to the Japanese yen.

The general weakness in the British pound is understandable. Not only has the economy struggled to ensure an exit from its recession and monetary policy slackened to the point where further expansion will do little good.

The European Central Bank will once again take center-stage in the highly-anticipated rate decision on Thursday, while earlier-week Euro Zone CPI and unemployment figures could likewise prove strongly market moving.

The US dollar remains in an uneasy range against major counterparts, and exceedingly low volatility expectations suggest that it may remain restricted through the week ahead.

The Japanese yen may struggle to find a bid against the US dollar as it trades near substantive highs.