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Market Commentary

The selling continues after the release of the Durable goods numbers this morning.  The ex-transport number was much stronger than anticipated and a big rise on November's number.


The 10 year treasuries appear to be breaching their short term support levels as any strength is being hit immediately.  Similar action here in Canada, however our yield curve was not as inverted from the overnight rate out to the two years.  As a result most of the selling has come from the long end as rate expectations are being adjusted upwards - some curve steepening in Canada has added yield to the long end of the curve, but it's still very flat in the grander scheme.


The CAD$ tried to rally yesterday and stalled, giving up all it's gains in the afternoon.  We continue at those levels this morning, without much of a bid to bring it higher.  Keep in mind, however, that most currencies are weak against the US$ this morning, and we are actually trading stronger vs the Eur, the GBP and the Aussie.


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