It's all about the ebb and flow today with little on the US economic calendar

There's the monthly budget statement

Other than the US government monthly budget statement at 1900 GMT (2 pm ET) and a speech from the BOE's McCafferty, there is nothing on the economic calendar for US traders.

So far, that's good news for markets as USD/JPY has traded in a sub-30 pip range so far today. In turn, S&P 500 futures are up 30 points after a late, 38-point rally on Friday.

On net, the quiet backdrop and the absence of any kind of negative weekend news leaves sentiment in a good spot, but that can all change in a heartbeat.

The interesting move at the moment is in USD/CAD as it climbs close to 1.26 despite a bounce in oil prices. It's part of a hint of strength in the US dollar at the moment.

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