The dollar is mostly little changed across the board now as narrow ranges continue to prevail in European trading. The only real mover among major currencies is the aussie, with AUD/USD up 0.7% to 0.7097 currently. I outlined the technical predicament for the aussie earlier here.

Elsewhere, equities remain slightly on the cautious side with European indices down about 0.1% mostly. But US futures are feeling the pain after Microsoft's slowing sales outlook as Nasdaq futures are down 0.7% and S&P 500 futures down 0.5% at the moment. That is a bit of a setback to equity bulls - who are seeking a technical breakout as noted here yesterday.

Besides that, bond yields in general are slightly lower today but 10-year JGB yields are creeping higher though that is a different story on its own.

The Bank of Canada policy decision later today is a big one to watch, even if it seems like it may just affect the loonie. If the central bank decides to pump the brakes with regards to its tightening cycle, that may have significant repercussions for broader market sentiment i.e. traders and investors may take it as a sign that major central banks are starting to hit the pause button.