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Market Commentary

Bonds are hovering around unchanged over the weekend.  It seems as if the good economic news recently has socked the market enough - and the ten year has stabilized around 4.80% (US$).  Even after strong CPI numbers last week, the market rallied on Thursday and steadied on Friday.  It seems we were somewhat oversold at the time.  From there, the holding pattern continues.


  The CAD$ is also holding steady, as is the price of Oil.  The failure of Oil to remain below $50, as it very briefly broke there last week, has put a bid under the CAD$ and displayed some support around 1.1800.


  Canadian CPI and retail sales are in tomorrow, and that's it for data this week on the north side of the border.  So that leaves it to new issuance to drive the market.  Canada 10 year auction on Wednesday, and the market is still swallowing a huge Merrill Lynch Maple deal on Friday ($1.25B)


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