By Omer Esiner of TravelexThe dollar held near the lower end of its very recent ranges overnight as investors continued to square positions ahead of the end of the first quarter and key U.S. economic data later this week. The dollar backed off a 10-month trade-weighted peak late last week after a deal to backstop indebted Greece reduced some near-term risk of a default. The market, which had been heavily positioned against the single currency, has since pared back some of its bets against the euro. Late yesterday, the Greek government was able to raise five billion euros ($6.73 billion) in a bond auction that found significantly less demand than a similar auction earlier this month. Investors charged Athens twice the interest that Berlin must pay to borrow from the market. The euro found some support from Athens' ability to raise capital, albeit under largely unfavorable terms. Still, the large sums that Greece must refinance in coming months have kept investors nervous about European debt issues, which should ultimately cap the euro's upside. The pound rebounded further off recent lows after fourth-quarter growth was revised up and home prices rebounded in March. Still, the pound's gains were limited by mounting uncertainty ahead of a general election expected at the beginning of May. Commodity currencies from Australia, New Zealand and Canada continued to outperform amid a backdrop of firmer stock and resource prices. EUR: The euro remained well off of its recent lows against the greenback and Canadian dollar as moderating sovereign credit concerns prompted investors to pare back some of their bets against the single currency. Last week's agreement by the IMF and the EU to backstop Greek debt in the event of an emergency reduced some near-term risk of default and prompted a bout of short-covering in a market that was heavily positioned against the euro. Yesterday, Athens managed to raise five billion euros in an auction of seven-year government bonds. The auction was not a complete failure, and this added to the marginally improved tone of the single currency this morning.