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Daily Market Commentary

Reaction to yesterdays Rogers' earnings in the bond world saw spreads widen out 3 - 5 basis points across all issues.  We will keep our eye on these bonds for further movement in early morning trading.

News is light this morning with the US' ADP Employment Change coming in with a rise of 9,000 jobs in July, blowing the pants off the estimate of a fall of 60,000 jobs.  The reaction to this report among traders is tepid, as the focus on employment will be Friday's nonfarm payrolls.  We have seen a knee jerk reaction with Treasuries selling off slightly across the curve.

Eyes are on inflation data up here north of the border, with both the Industrial Product Price and the Raw Materials for the month of June coming in higher than expected and higher than the previous period.  The accompanying comments on the data cites rising energy prices as the likely culprit.  At noon, we will see the Bank of Canada auction $2 billion of the 5 year benchmark, the CAN 3.50 1Jun2013.

Yesterday was another weak day for the CAD against the Greenback as we saw the rate close in on the 1.0300 level, although the CAD rallied significantly in late afternoon trading.  We see those gains continue to extend this morning with the current level at 1.0230.

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