The Euro is higher as a result of ECB interest rate announcement and the US Inflation data, which determines the Fed's interest rate action.

WTI Oil (opening level) $87.02

The US Dollar index is marginally weaker to start the trading week, the big mover overnight was the Japanese Yen which rose 1.2% at one point on comments from the Governor of the Bank of Japan that stated the central bank is considering moving away from its negative interest rate policy which has been place which have been in place since 2016. That would be a major event if it happens and would shake up the Asian markets quite a bit.

The Euro was also a little higher this morning as the market awaits news on interest rates from the ECB on Thursday, as it now stands there is a 50/50 chance that the ECB will increase interest rates for the 10th time in a row. Economic activity is slowing in the EU so it it not certain that they will actually increase this week, if they do not then we should see a drop in the Euro and further rise in the US Dollar.

The Canadian Dollar starts the week with some small gains, USD.CAD has dropped below the 1.3600 (0.7353) and the Loonie was also able to pick up some strength against the other currencies so overall a good start for the Loonie but our currency still looks vulnerable to a stronger US Dollar. The calendar is quiet this morning and stocks are pointing higher on the opening so markets should remain fairly steady, the highlight of the week will be on Wednesday when we get the US Inflation report for August, the markets will be watching to get a sense of what the Fed will do next and this report will go a long way to plan their next interest rate move.