Choppy FX Markets Today!

FX markets were choppy and ultimately range bound throughout the U.S. session. This morning's tame CPI data was within analyst expectation and did little to clarify the Fed's next action. Higher fuel prices have not yet trickled into the core inflation rate, which remains largely contained. Debate continues as to whether rates will peak at 4.5% or 4.75%. The Dollar Index closed unchanged today.