USD index nears a one-year high against the other currencies

Today's expected range for the Canadian Dollar against the major currencies:

US Dollar             1.2400-1.2500

Euro                     1.4325-1.4425

Sterling                1.6725-1.6825

The US Dollar index is higher again this morning as it nears a one-year high against the other currencies. The weakness in Sterling continued overnight as the vote yesterday by the Bank of England Committee not to raise interest rates caught the markets off-guard and the US Dollar was able to extend its gains. Interest rates around the world also fell as now investors will start to question other central banks plans for interest rate hikes.

The Canadian Dollar is lower against the US Dollar but the news is not all bad as it did outperform the other currencies and hold onto strength against the Euro and Pound, USD.CAD moved back higher overnight and opens the day at the 1.2460 (0.8026) level. The WTI price for oil remains lower than it has been so the Loonie was not able to garner any strength from commodity prices.

All market eyes will now be on the US and Canadian Employment reports where the US is expected to have created 450K and Canada is expected to have created 50K new jobs last month. Also, today we get the Congress vote on the watered down version of Biden's infrastructure bill, we will see if the Democrats can get passed their infighting and get this bill passed. I think Stocks and the US Dollar will jump a little higher if they do pass it.