US Dollar index is testing resistance around 95.50 levels, a resistance area that has been capping the upside since June.

The euro is in decline following ECB comments that US tariffs and increased risk of further protectionism is likely to leave its mark on global growth. In its economic bulletin the ECB also added that despite the rising risks globally, domestic growth still looks solid and on track.

Italy remains in the spotlight as ambitious spending plans from the current coalition government in Italy risks derailing country budgets into EU red alert zones.

EURUSD is currently down 0.9% for the week, Friday is still ahead of us but a negative weekly close today will have marked a 3rd consecutive weekly decline for the currency pair.

Declines for the GBP continue as Brexit looks likely to leave the UK without an agreement with its future relationship with the union. GBPUSD is down 2.4% so far this month as the GBP loses steam. The GBP was also softer against the euro although losses here were much less pronounced given the weaker euro, EURGBP rose 0.33% since month start.

UK is set to amounce the latest data for the Q2 GDP, and later we have US CPI and Canadian employment figures.