The euro remains subdued this morning ahead of today’s ECB session. The single currency has under performed this week and is yet to show any signs of catching up.
The yen pairs are on the back foot after yesterday’s rally, with the likes of the AUD/JPY slipping further than others.
The Canadian dollar continues to perform well, with the USD/CAD dropping further as oil prices spike on tropical storm disruptions to US supply.
Gold remains near the highs despite yesterday’s minor reversal.
Today, we have UK Halifax HPI at 08.30.
The ECB minimum bid report is at 12.45. The press conference follows at 13.30.
Also at 13.30, we have US unemployment claims and Canadian building permits.
At 15.00, we have Canadian Ivey PMI.
Crude oil inventories are released at 16.00.
US domestic fracking production has disrupted oil supply, but this supply is itself being disrupted by the storms hitting the southern US. Oil prices have improved as a result, helping the oil heavy Canadian dollar and its own tar sand production.
The USD/CAD has dropped as a consequence and could have further to go.