Analyzing Market Moves: US Dollar Index Ranges as PPI Report Hints at Fed's Dilemma

Today's expected range for the Canadian Dollar against the major currencies:
US Dollar 1.3425-1.3525
Euro 1.4700-1.4800
Sterling 1.7200-1.7300
WTI Oil (opening level) $80.33
The US Dollar index is range trading once again as it awaits this morning's Producer Price Index report which will be the last piece of inflation information the Fed will receive before next week's interest rate announcement. With stocks continuing to push forward it may be difficult for the Dollar to extend any big gains so look for small movements ahead of next weeks announcement.
The Canadian is marginally higher across the board as the commodity currencies were able to jump a little higher overnight on the back of a fairly sizeable jump in the oil price. The latest inventory reports came out and indicated the the oil industry will be in a negative supply position for 2024 which indicates that OPEC production cuts are having the desired effect in driving the price higher.
As I write the PPI report came in a little higher than expectation and shows that inflation is not dropping as fast as the Fed would like so I can assume that they will not be cutting interest rates any time soon. Right now, we have a a small jump in the US Dollar which is not surprising.
Today's expected range for the Canadian Dollar against the major currencies:
US Dollar 1.3350-1.3450
Euro 1.4555-1.4650
Sterling 1.6500-1.6600
Today's expected range for the Canadian Dollar against the major currencies:
US Dollar 1.2825-1.2925
Euro 1.5700-1.5800
Sterling 1.7200-1.7300
Today's expected range for the Canadian Dollar against the major currencies:
US Dollar 1.3540-1.3780
Euro 1.5930-1.6180
Sterling 1.8620-1.8860