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Daily Market Commentary

Canada's housing starts declined to 186,500 for July, down from 218k in June and lower than expectations.  This is following in a series of weak economic data out of Canada, including GDP and employment data.

 Bonds are mostly unchanged on the day, there has not been much news out yet this week.  The big news will come later, when we'll see retail sales, CPI and trade data out of the US.

In credit, we've seen modest improvement in credit spreads as the equity markets have recovered somewhat recently.  They have not shown lots of strength, but in general, despite a few weak reports out of the like of AIG and Merrill, credit has been getting modestly better.

 Currencies are also limping their way into the week.  Mostly unchanged around the world.  One interesting thing to note is the weakness of the Chinese Yuan vs. the US dollar recently.  It has been modest, peaking at 6.811 three weeks ago, but this is the first weekly decline we've seen since August of last year.  Otherwise, the Yuan/USD chart has looked like a staircase.

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