At 10:00am EST the Bank of Canada is expected to hold rates unchanged. The central bank will also release quarterly forecasts along with the decision. The odds of a rate hike in May are closer to 50% as the rate of expansion remains faster than the rate of potential growth, which is currently forecast at 1.6%. Expectations for limited strengthening in the loonie remains the consensus for the long term.
CIA Director Mike Pompeo met Kim Jong Un ahead of the Trump summit. The visit is seen as a strong indication that a meeting between the two leaders could produce a deal on future relations.
UK consumer prices rose 2.5% for the year ended in March, below economists expectations. The pound dropped after the data was released.
The euro zone missed inflation targets of 1.4% and was revised down to 1.3%, core inflation remained unchanged at 1%.
Gains in West Texas Intermediate for May delivery increased prices to $67.66 this morning, as geopolitical tensions continue to drive the rally. This comes amid signs of decreased US inventories, according to industry wide reports recently released.