Financial markets are fairly stable ahead of Biden's visit to Europe

Today's expected range for the Canadian Dollar against the major currencies:

US Dollar             1.2550-1.2650

Euro                     1.3800-1.3900

Sterling                1.6600-1.6700

USD.RUB (opening level) 101.31

WTI (opening level) $112.28 (Up $2 from yesterday's opening)

The US Dollar index is unchanged this morning as the markets are fairly flat after a quiet overnight session. Biden is on his way to Europe today to try and bring more consensus on further sanctions on Russia it is however unlikely that he will get a consensus on a Russian oil embargo so I am not sure just how successful he will be.

The US Bond markets continues to drop in the wake of higher interest rates, Bloomberg is reporting that the aggregate US bond market has given up some $2.6 Trillion in value since January as prices continue to drop and yields move higher. This is much worse then the drop in value during the collapse in 2008.

The Canadian Dollar is also relatively flat this morning as USD.CAD opens the day still below the 1.2600 (0.7937) level but the Loonie is off its best levels of the overnight session to start the day. Canadian markets for the most part have ignored the deal between the NDP and Liberals to keep the government in power despite the costs of what will be a new pharma care plan and increased dental benefits. It will be interesting to see how the government plans to pay for these new programs, our debt will just continue to get higher and higher.

Nothing of note on the calendar for today, we get some US Federal Reserve speakers today so markets will be looking for any hints on what the Fed will do at their next meeting.