EUR/USD, GBP/USD Steady Ahead of German ZEW; UK Jobs Data Mixed

Major forex pairs are trading in narrow ranges as markets digest a relatively soft UK employment report and position ahead of the German ZEW economic sentiment index. The UK data showed the ILO unemployment rate holding at 4.9%, slightly better than the 5.0% expected, while employment change surprised to the upside at 147k versus 80k forecast. However, average weekly earnings cooled to 4.3% from 4.4%, a modestly dovish signal for the Bank of England. The muted market reaction reflects limited implications for near-term BoE rate expectations. Attention now shifts to the German ZEW survey, expected at 15.3 versus 10.5 prior, which could provide directional impetus for EUR/USD if it surprises significantly. In the US session, traders will monitor Fed commentary and broader risk sentiment. EUR/USD and GBP/USD remain range-bound as neither dataset alone is likely to trigger a breakout. Positioning ahead of mid-week events suggests consolidation will persist until a clearer catalyst emerges from central bank signals or geopolitical developments.