Dollar-yen was stuck in a narrow band in New York trading on the 11th as investors held back before the July U.S. Consumer Price Index, due on the 12th, leaving major currency pairs directionless. By midnight, dollar-yen stood at 159.23, compared with 159.26 at 10 p.m., after briefly touching 159.39 earlier in the session and trading within a 158.93 to 159.39 range. Euro-dollar was similarly subdued at 1.1543 by midnight versus 1.1542 at 10 p.m., with an intraday range of just 1.1531 to 1.1550, while euro-yen was at 183.79 versus 183.82 earlier, inside a 183.57 to 183.90 band. Traders largely treated the muted moves as position-squaring ahead of a crucial inflation reading seen as central to the Federal Reserve's next monetary policy decision. The market's focus has now shifted fully to the July CPI, with outcomes seen as potentially determining whether dollar-yen challenges the psychologically important 160 level. A stronger-than-expected reading could revive bets on additional Fed rate hikes, while a weaker result could deepen dollar selling on expectations that the tightening cycle is over.