A solid USD rally this week has been enough to get the greenback out of the danger zone, but not enough to declare a return of a bull market, says Saxo Bank’s John Hardy. Here’s why dollar bulls may have to wait a little longer for some action.

According to Hardy, the dollar appears to be stuck in a rut ahead of Friday’s US inflation data and a speech from US Fed Chair Janet Yellen. Barring any significant surprises, he thinks the CPI data will do little to provide USD any direction against other currencies like JPY and EUR.

This means that traders looking for a sense of direction for the dollar may be in for a wait as next week does not offer much in terms of big data. As a result, the market may see another round of range trading for many USD pairs, Hardy says.

The week after next, however, should provide lots of big data including the May nonfarm payrolls, he says.