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The inflation rate leveled off at 3.7% in the US, continuing a gradual consumer price slowdown


12.10.2023
The inflation rate leveled off at 3.7% in the US, continuing a gradual consumer price slowdown

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

US Dollar        1.3550-1.3650

Euro                1.4400-1.4500

Sterling           1.6675-1.6775

 

WTI Oil (opening level) $84.49

 

The market today received the all-important September inflation report which was expected to show inflation moderated in September but still sits above the Fed's 2% target. A report that shows a significant drop in the inflation rate could be enough for the Fed to pause another interest rate hike in November but it may also mean higher interest rates for longer as the path to a 2% inflation rate is still not clear. In fact, the inflation stays unchanged at 3.7% vs 3.6% expected.

The Canadian Dollar is unchanged this morning as the Canadian market also awaits the US inflation report to help determine it s next move. USD.CAD opens the morning near the 1.3600 (0.7353) level and should remain there ahead of the inflation report.

Stocks are again pointing higher after strong day yesterday but their movements today will also be determined by the inflation report. Make sure you get your orders in early as there should be lots of volatility surrounding the release.



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Euro                 1.5600-1.5700

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