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While the Canadian Dollar is unchanged, the US Dollar index is higher as traders get ready for tomorrow's release of the August inflation data


12.09.2023
While the Canadian Dollar is unchanged, the US Dollar index is higher as traders get ready for tomorrow's release of the August inflation data

WTI Oil (opening level) $88.03

 

The US Dollar index is marginally stronger this morning in what was once again a quiet overnight session, traders are getting ready for tomorrows August I

inflation report which will go a long way to help the Fed set interest rate policy over the next couple of meetings. At the moment an interest rate hike next week is not likely but if the inflation rate is proving stubborn and remains high then that could sway the vote.

 

The Canadian Dollar also had a quiet night as it was flat against the US Dollar but did pick up a little strength once again against the other currencies. Overall my view of further weakness for the Loonie in the face of a stronger US Dollar still holds but for the moment the Loonie should hold firm as markets await the US inflation data.Nothing of note on the calendar for today, stock markets had a positive day yesterday but once again look to open in the red to start the day. Currencies should remain stable has traders await the inflation report.



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