A very cautious day of trading in the FX markets, with the US index on the turn, and recouping losses suffered Friday. Focus was on EUR/USD as the highlight of the week is the ECB meeting on Thursday, but after some early losses into the mid 1.0900’s, we started to grind higher again, but tentatively so. EUR/GBP was also threatening another familiar squeeze, but failed to generate any momentum. Late in the day, we saw the USD turn lower against all pairs except USD/JPY, with the commodity currencies leading the way. AUD was already on an upward trajectory again, but after the Genscape data showed a smaller than expected build at Cushing, USD/CAD pushed lower, and dipped below 1.3300, though bids in evidence here as the moves are tame in relation to oil prices. Brent tipped $40.0 with WTI now on a $37.0 handle. Cable and EUR/USD pushed back up to levels seen on the European open, but clearly struggling at these levels. USD/JPY consolidates in the mid 113.00s, as 113.00-114.55 set the breakout limits here. USD/CHF broke parity briefly, with EUR/CHF gains taking the cross rate back into the mid 1.0900s.