Market Awaits US Inflation Report Amid Meme Stock Surge: GME and AMC Soar, Dollar Unchanged

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

US Dollar        1.3625-1.3725

Euro                 1.4700-1.4800

Sterling            1.7100-1.7200

WTI Oil (opening level) $78.45

The US Dollar index is unchanged this morning as the market is again quiet ahead of the US inflation report due out tomorrow. The markets yesterday were focused on the rise once again of the so called "meme stocks" with Game Stock up 75% and AMC up 78% on nothing but speculation. Both stocks are expected to continue to rise again today but I am not sure we will see the lofty highs of 2021.

Sterling was a bit of a mover again last night but this time it weakened a little as the employment report was not that great with unemployment rising to its highest level in a year. This will bring the focus back to the Bank of England on when they will cut interest rates.

The Canadian Dollar picked up some minimal gains overnight but still range trades ahead of tomorrow's inflation data. Where it goes in the next day or two will depend on what the US inflation report indicates about the level of inflation in the US.

There is some secondary data out of both the US and Canada today but for the most part the currency market will be on the sidelines ahead of the inflation report. Stocks are pointing to a flat opening but all eyes will be om GME and AMC to see if they continue to rise.