After rallying to start the week, most major stock indices in North America and Europe have been falling back this morning. The one positive exception has been the UK which, as I suggested could happen in my Royal Birth preview, the FTSE has rallied and climbed back up above 7,000 on its first day of trading following the weekend arrival of Princess Charlotte. Crude oil is having a big day today with WTI regaining the $60.00 level and Brent driving up through $67.50 as its trading rebound continues. USD has weakened in general today after the US posted a $51 billion trade deficit, which was a lot worse than expected. This indicates the higher USD continues to impact the US economy. Canada also posted a worse than expected trade deficit at $3.0 billion, but the loonie fell only briefly then turned much stronger as the US trade report was even worse and CAD also benefitted from rising oil prices. AUD is also having a strong day today. Even though the RBA cut interest rates as the street expected in order to support household spending they didn’t say much about the potential for future cuts so the RBA may be done. Similarly, even though the statement remained bearish on AUD, it didn’t attack the Dollar as aggressively this time around either. European currencies have also been mixed today with GBP also picking up on the royal birth while EUR has drifted lower on comments out of the IMF that Greece&rsquo s creditors may need to take writedowns to sort out the debt problems, although this has been challenged from other quarters (in other words its all still clear as mud). Later this morning, US markets could be active again on service PMI reports with traders still preparing for tomorrow’s ADP payrolls report. Corporate News Walt Disney $1.23 vs street $1.11 Archer Daniels $0.77 vs street $0.71 WestJet Airlines $1.09 vs street $1.00, operating margin 18% vs year ago 12% Economic News Economic reports released overnight and this morning include: Australia RBA interest rate 0.25% cut to 2.00% as was widely expected Canada trade balance ($3.0B) vs street ($0.8B) US trade balance ($51.4B) vs street ($40.3B) UK construction PMI 54.2 vs street 57.4 Spain unemployment (119K) vs street (65K) Sweden industrial production 0.3% vs previous (0.4%) European Commission made a number of changes to its 2015 growth forecasts, including: Eurozone raised to 1.5% from 1.3% Germany raised to 1.9% from 1.5% Spain raised to 2.8% from 2.5% Greece cut to 0.5% from 2.5% UK unchanged at 2.6% Australia service PMI 49.7 vs previous 50.2 Economic reports due later today include: 9:45 am EDT US Markit service PMI street 57.8 10:00 am EDT US ISM nonmanufacturing PMI street 56.5 12:30 pm EDT Bank of Canada Deputy Governor Wilkins speaking