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Market Commentary

January 31, 2007

Here we go - a deluge of data starting this morning and lasting right through until Friday.  So far the releases are equity bullish and slightly Bond bearish.  Although showing strong growth, there is also a lack of growing inflation appearing through the PCE, Core PCE and Employment cost index number this morning, which is keeping the bond market from a real selloff.  Bonds have ticked lower on the release of the data, but are holding steady just below the unchanged mark on the day.

 

  The US$ is stronger around the world after a strong showing in GDP, and about a half penny stronger against the CAD$, as our GDP number (also released this morning) came in a touch light than expected.

 

Now, of course, we are waiting for the Fed at 2:15pm EST today, so I would expect fairly light trading for the rest of the day.

 

Inflation data continues tomorrow morning, more updates to come then.

 

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