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Market Commentary

Yesterday's action saw bonds continuing to grind higher after seeing a bond-bullish print on unit labor costs  (A US number - as indicated by "Labor" instead of "Labour").  It came in well below expectations, further receding any wage inflation fears.


  The Bank of England and the ECB kept their target rates unchanged over night, as expected.  It now looks like all the major monetary policy setters are firmly on hold - and stable rates look to be the norm for the near future.


  Bonds are unchanged this morning, but are still well bid.  Technically speaking we are still bias towards the long side as we have seen the 10 year bounce firmly off its 200 day MA. (See Daily FI snapshot for attached chart)


The CAD$ continues weaker this morning, as commodities are slightly off.   Also, the speculation of a Quebec election always throws the separation issue back on the table and makes CAD$ traders a little jittery.


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