Overnight the US $ trader lower  versus most currencies ,with the major recipients of the weakness being strength in the Swiss Franc and Japanese Yen. The Yen strengthened on “no change” to the Bank of Japan’s monetary stimulus package and its revisions lower in real CPI & GDP growth forecasts. Minutes from the last Bank of England meeting released this morning showed a less hawkish stance on rate rises with a unanimous vote from committee members to keep rates unchanged at 0.5% this month.

Today,the Canadian dollar will be looking to the Bank of Canada rate decision. Market expectations are for an unchanged stance,with the benchmark overnight rate remaining at 1%.The accompanying statement that follows the interest decision will be closely watched for shifts in policy stance. However. tomorrow’s ECB meeting will be the weeks highlight, and will reveal as to what form an almost certain Quantitative Easing ( QE) program from the ECB will assume.