eFXdata reports that analysts at Citi discuss the current market conditions and sees range-bound trading in play in the near term.

"It's likely to be a leisurely end to a range-bound week, with limited conviction heading into the weekend and next week's events."

"The Fed is likely to dismiss the latest inflation print as transitory, though we think some of the details suggest inflationary pressures will persist. The ECB was not much of an event for EUR, which we think will be driven by broader USD dynamics."