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Daily Market Update

We have mixed tones on either side of the border this morning.  In the US, pre 8:30am data, we have Treasuries pushing lower off of news that the US government has armed themselves with a contingency plan to step in and take over either Freddie Mac or Fannie Mae if need be.  Post data, we have Treasuries continuing to post losses as the US trade gap in May narrowed to $59.79 billion, and the June Import Price Index was 3 tenths higher than May to sit at 2.6%.

North of the border we have bonds rallying off of horrible Employment data.  The Unemployment rate came in one tenths of a percentage higher than expected at 6.2%, but the big news that is driving the market is the Net Change in Employment.  The country lost 5,000 jobs in June, while the market was actually anticipating a gain of 8,000 jobs.  When looking closer, Ontario lost an atrocious 24,000 jobs but was offset by record gains of employment in Nova Scotia, Alberta and Manitoba.  We have the entire curve trading higher off of this news, with shorts, mids and longs higher by 12 cents, 25 cents and 15 cents.

The CAD fell off this data from the 1.0090 level to the knee jerk level of 1.0170 to currently sit in the 1.0140 range.
Later today we continue to see a spattering of news from the US, with the University of Michigan Confidence at 10am expected to be a touch lower than the previous month. To sum up the day at 2pm we will the US' Monthly Budget Statement

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