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US Dollar Wavers Ahead of CPI Report; Stocks Eyeing Further Gains


15.05.2024
US Dollar Wavers Ahead of CPI Report; Stocks Eyeing Further Gains

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

US Dollar        1.3600-1.3700

Euro                 1.4700-1.4800

Sterling            1.7150-1.7250

 

WTI Oil (opening level) $77.74

 

The US Dollar index is marginally weaker this morning as the market finally get the latest CPI report out of the US. Market economists are expecting that inflation moderated a little in April with prices rising by 0.3% which would be a drop from the March increase of 0.4%. Year-over-year inflation is expected to come in at 3.6% down from the April reading of 3.8% but still well above the Fed's 2% target. US Dollar buyers should be wary of a higher print, if the number should come in higher than expectation (say near 0.5%) then I think you can expect a big jump in the US Dollar, if the number should surprise to the downside then you will see a big drop in the Greenback and a surge in stocks.

 

The Canadian Dollar is mixed this morning as USD.CAD opens the day near the 1.3630 (0.7337) level but it is a little lower against the other currencies. Direction for the Loonie today will come from the US Inflation report but if our Dollar is able to garner some strength today I am not sure it will be able to hold onto it long term so US Dollar buyers be ready with your orders.

 

Stocks had another strong day yesterday with the Nasdaq hitting another record high and the "meme" stocks still pushing higher. If we see a drop in the inflation rate this morning look for stocks to continue to push higher.



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

US Dollar             1.2575-1.2675

Euro                     1.4900-1.5000

Sterling                1.7450-1.7550

21.11.2023

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

US Dollar        1.3675-1.3775

Euro                1.4950-1.5050

Sterling           1.7150-1.7250

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

US Dollar             1.3450-1.3550

Euro                     1.4550-1.4650

Sterling                1.6600-1.6700