The US dollar was trading in narrow ranges against the yen and slightly weaker against the euro near the end of the Asian session ahead of a long weekend in the US and UK, dealers said. The dollar started the Asian session off its overnight highs against both the euro and the yen on a largely consolidative tone, dominated by modest profit-taking and position-squaring, traders said. While Sunday's French referendum poses the biggest event risk for the euro, some said the market appears to have had sufficient time to position for the widely expected "No" majority. Euro-dollar is still expected to face decent support near the 1.2490/1.2500 usd region after last night's unconvincing drop, but below 1.2490, dealers say hefty stops may be triggered if the expected French rejection becomes a reality. Afternoon trade saw the euro edge higher to reach 1.2530 usd and with decent bids seen around 1.2490, dealers said they expect the pair to continued inching up toward 1.2540-50 amid covering of dollar shorts. The dollar-yen traded heavily through the rest of the session with Japanese exports continuing to pressure the pair from 108.00 yen. US investment banks also sold the pair and it slipped below 107.80, before bids in that region limited the decline. Euro-yen also showed little inclination to break out of recent ranges with the cross marking an early peak of 135.26 yen before drifting lower to 135.10. Selling by US and UK names sent the cross below 135.00 in the early afternoon but it managed to climb back up. US markets will be closed Monday to celebrate Memorial Day while the UK will be shut for the spring bank holiday. "With financial markets in US and UK to remain closed for the weekend on Monday, more volatility is expected amid thin liquidity," strategists at Singapore's United Overseas Bank said. "With political uncertainty heightening, heading into the French referendum on Sunday, watch for euro-dollar to break the 1.2480 usd level over the next few trading sessions," they said. Receding expectations of a near-term revaluation of China's yuan also kept the yen under mild pressure this morning, traders said, after comments by a China trade official yesterday. Overnight, the director general at the Economic Information Department of the China Council for the Promotion of International Trade, Yu Jianlong, said at an international meeting in the US the time has not come for China to revalue its dollar-pegged currency, further dampening expectations of an imminent change in the yuan peg. Later in the global session, US data releases include April personal income and spending, followed by final May University of Michigan Consumer sentiment. The median estimate in a Market News International survey of economists expect personal income to rise by 0.7 pct, for personal expenditures to post 0.8 pct and for Michigan consumer sentiment to rise to 86.0 from 85.3 preliminary.