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Daily Market Commentary

 Lots of news after our long weekend in Canada.  The leading one is the paddling the loonie has taken yesterday and this morning.  It's now trading 2 pennies lower than its close on Friday.  Strong PCE inflation and stronger than expected Personal Income out of the US yesterday contributed to the drop, but mostly the drop in Oil, NatGas, Gold and other commodities have the hard asset currencies like the CAD and the AUD$ running.

  This morning, while bonds are slightly lower in price on the day (3.59% Canada 10 year, 3.98% US), the tone of scepticism still surrounds the financials.  The FOMC rate decision will be out at 2.15pm, widely expected to be on hold, but we will listened closely to see if how worried Fed still is about the financial institutions.  Obviously, they are worried enough to put in silly rules like banning short sales on specific securities, so we aren't expecting too much change from that outlook.

ISM Manufacturing was out Friday, ticking right onto the 50 boom/bust line.  We'd have liked to seen a more positive outlook, and we wouldn't be surprised to see this take another dip back into negative territory in the next readings.  For now, however, we'll take a 50 reading and muddle through the rest of the data.  Non-Manufacturing will be out at 10am today.

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