The dollar is starting the day on a softer note with a light boost in the euro in the past half hour also seeing other major currencies pile on the greenback. EUR/USD is up 0.4% currently to 1.0220 and GBP/USD is trading up 0.2% to near 1.2000 again at the moment. Elsewhere, AUD/USD also caught a bid from 0.6895 to 0.6915 as the dollar remains sluggish on the week.

The Nord Stream 1 pipeline restart is the notable news as we start the session but there will be bigger fish to try with Italian politics and the ECB also in focus today. That will keep the euro in focus throughout the session and if price action is anything to go by, that will also have an impact on general dollar sentiment as well.

Looking at the agenda, all eyes are on the ECB today and it will be a key question on how much will they raise interest rates later. After months of talking up a 25 bps move, will policymakers instead push for an inadvertent 50 bps move today? That will definitely stir up plenty of controversy on the ECB's communication moving forward.

0645 GMT - France July business confidence
1215 GMT - ECB announces its July monetary policy decision
1245 GMT - ECB president Lagarde press conference

That's all for the session ahead. I wish you all the best of days to come and good luck with your trading! Stay safe out there.