Liverpool striker Danniel Sturridge on Thursday returned to Anfield due to a thigh problem, while Hodgson revealed Cardiff defender Steven Caulker had turned his ankle in training.
Both are expected to enter contention for Tuesday's game in Ukraine but Hodgson was reticent over Sturridge's involvement.
He told Sky Sports News: "We've not exactly been lucky have we? Now there's Daniel and there was Wayne (Rooney) and two potential right-backs in Glen Johnson and Phil Jones, and before that Alex Oxlade-Chamberlain.
"So we have lost five players and a few weeks ago I was really banking on them.
"It's a great opportunity for the ones who maybe wouldn't have got a game had they been available.
"(Sturridge) has worked hard at his treatment and the initial prognosis was that he wouldn't be fit for either of them but he didn't accept that.
"He's worked very hard and had the necessary treatment but I think it will be touch and go.
"On Sunday evening we'll have a training session before heading for Ukraine. If he passes it then he'll be with us, otherwise then he'll be staying with Liverpool."
Referring to Caulker, he added: "Unfortunately, in training he turned his ankle. It's not a serious matter but it will keep him out of the game tomorrow night.
"It won't keep him out of the Ukraine game, he's expected to do some running tomorrow evening, but he won't be on the bench tomorrow night."
Hodgson then diplomatically suggested that, although the training-ground injuries were unfortunate and left him with limited options, they had spared him a selection headache.
"To be honest I think we've got too many players," he added. "We're only allowed 20 outfield players and three goalkeepers and with Caulker and Sturridge it would have been too many.
"So they've been kind enough to take the decision out of our hands."
A question asking whether the former Liverpool and Fulham boss would rotate his thin squad entirely before the trip to eastern Europe was given short shrift.
Home games against current leaders Montenegro and Poland complete England's World Cup campaign in October and Hodgson is treating each match with due deference.
"I think these four games are all important," he said.
"I don't subscribe to the theory that this is an easy one and then there's a difficult one, then you've got a fairly easy one and a fairly difficult one. I don't quantify games in that way.
"Moldova - after our initial victory over them, where we took them by surprise and had a very good win - have become very hard to beat and we know they're going to be hard to beat tomorrow night.
"I need my best players to do it."
Hodgson is, however, keen to avoid defeat in the remaining four games while targeting a minimum of three wins.
He added: "I would say 10 points as long we don't lose in Ukraine and we beat Montenegro.
"I think 10 points would see us mathematically certain. I'll leave the maths and statistics to you guys."
Having watched three Sturridge goals guide Liverpool to three consecutive 1-0 Premier League wins in the new season, England captain Steven Gerrard is especially disappointed his club colleague will miss out against Moldova.
"It's a shame for Daniel," the midfielder said.
"He's in form and I expected him to shine on the international stage as well so fingers crossed he can come back on Saturday evening and the injury's settled down so he's available for Tuesday.
"He certainly makes the squad a lot stronger.
"Tuesday will be a more difficult test but we're playing Moldova first and we've still got to be professional and put in a good performance.
"If we show the same attitude and professionalism as we did when we went away from home then we could be comfortable tomorrow night.
"It's a big week and we need as many points as possible."