European markets have opened the week on a slight bid tone on a more positive climate affected by the two major factors that were driving the market through the previous months.

Bank of Canada left today the benchmark interest rates steady at 0.25 percent in line with estimates, as the Canadian economy is still recovering from recession.

The Dollar is rising further after the release of the FOMC minutes. EUR/USD has fallen below 1.3587 to fresh intra-day lows. USD/JPY jumped above 91.00 and currently is testing levels above 91.20.

An important week awaits any investor, where data on inflation, housing, and manufacturing activity will reveal further hints over the outlook for the recovery.

The dollar weakened against the Japanese yen and the euro on Monday, after the dollar climbing last week to a two-month high as traders mulled eventual future interest-rate hikes by the Federal Reserve. Today the U.S. had no economic reports due out but it was affect severely by the news that Abu Dhabi doled out $10 billion to help Dubai pay its debts which curbed safe-haven demand for the greenback.

The BoE kept the interest rate unchanged at 0.5% and the Asset Purchase Facility program at 200 billion pounds in December as expected as claiming that there are increasing signs of economic recovery which are emerging recently, though the economy remained in recession for the third quarter.

The market has experienced dramatical changes after the U.S. labor report showing a surprising drop in the job losses which gave great hope of a recovery in U.S economy as well as great hopes that this report could prompt the Federal Reserve to hike rates earlier than some had forecast. The dollar gained the most since June against all other currencies on Friday.

Crude futures started to fall again yesterday leaving their earlier gains after the crude oil inventories showed a surprising buildup and bet expectations reaching 2.1 M while the estimates where -0.4 M and last week’s release was 1.0 M. Also, oil continued its drop on Thursday, due to increasing doubts on the economic recovery and as the dollar rebounded.

Ahead of the British elections that must take place by June; the Labor government on Wednesday has declared its agenda addressing top economic issues.

The 16-nation currency headed for a fourth day of losses against the yen as Asian stocks sank and before a report forecast to show German unemployment rose in October. Gains in the yen were tempered amid speculation Japanese investors will purchase overseas assets this week in search of higher returns. So the yen traded near the highest in two weeks against the euro amid signs the global economic recovery is losing steam, damping demand for higher-yielding assets.