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Daily Market Commentary

Bonds are starting out the week on a quiet note, without any data to get us rolling.

Bank of America's better than expected earnings have credit trading a little better, and Credit Default Swaps are easing slightly.  The MarkIt Investment Grade index has also stabilized of late.  The recent big bank earnings reports have appeared to be better than the horrible expectations, and that has allowed bank bonds to at least tread water recently.

 Currency markets are also quiet, with trade favouring the risk currencies like the AUD.

 US Leading indicators will be out at 10am, otherwise we expect more calm in the midst of this credit storm.

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