The US Dollar index has weakened to a 14-month low as a result of lower-than-expected inflation figures.

WTI Oil (opening level) $74.38

The US Dollar index is again weaker this morning as the index has hit a 14-month low, last week's lower than expected inflation report continues to weigh on the US Dollar as investors and betting that the interest rate hike by the Federal Reserve due next week will be their last of the year.

The Euro continues to extend gains against the US Dollar as EUR.USD hit a 16-month high at 1.1240 and the Greenback is also losing ground to both the Yen and Pound so clearly the US Dollar is on the back foot at the moment.USD.CAD after Friday's small jump higher is back to range trading in the 1.3200-1.3300 trading range and it should stay there ahead of tomorrow's Canadian June inflation data. The Loonie has also stopped the losses against the other currencies for the moment so the Canadian Dollar is hanging on for the moment.

 Nothing of note on the calendar today, Stocks after a strong day on Friday are pointing to a negative opening, growth concerns in the Chinese economy may weigh on the market this week. USD.CAD should remain stable and negative pressure on the US Dollar should continue as the week goes on.