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Today's market commentary

Bonds continue to grind lower this morning.  It seems that any strength in the market is being sold, although on light volume.  Existing home sales are out today at 10am so we will watch that closely.  The housing market in the US continues to be one of the most important sectors to watch as an indicator of the state of the consumer, and therefore the economy.  The yield curve has steepened somewhat over the past week, although mostly through the long bonds falling.  We are still inverted from 1 to 4 years.


  The CAD$ saw some strength yesterday afternoon, as did the US$.  Initially the latter was stronger, which appeared as CAD weakness, but North America were the currencies to own yesterday as both rallied against most major currencies.



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