Morning all.. Wall St closed marginally in what was a quiet session in NY but again it was FX that was making the headlines with USDCAD rising steeply after very poor data suggesting the BoC may need to cut rates. In Asia we saw the Nikkei nudge up 0.2% in another quiet session. Some buyers of USDCAD seen again overnight with oil down 0.5%. Fed Williams said it’s more likely than not that “slow growth is both real and here to stay” but repeated support for return to gradual pace of rate increases “sooner rather than later”; one move this year, a few more in 2017 makes sense given way economy seems to be performing. AUD moved higher this morning ahead of the crucial CPI print on Wed. USDJPY was range-bound to smalls offered while EURUSD continued to move lower. Focus seems to be on the upcoming US data this week, with ECI/PCE/GDP giving an indication of the strength of macro factors in US, that are likely to take centre-stage once the event risk is out of the way on 08th Nov. In terms of data, we had Japan trade data this morning that came in higher than expected at 498.3 bn yen driven better than expected exports (exports -6.9% y/y vs -10.8% exp.) This morning we get a look at PMI data from France, Germany and the EU.