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Daily Market Commentary

Bonds are better bid this morning, partly in reaction to something called the ADP employment survey which revealed that only 57,000 new jobs were created last month in the US versus a consensus of 100,000. There is a tight correlation with the government jobs release, due  Friday, so the market is bracing for a weak number.


 The beleaguered  Canadian currency continues to peregrinate in the 1.1700 to 1.1800 range and showed little reaction to the humdrum rate announcement from the Bank of Canada, who merely blew the dust off the previous announcement.


We look for bond prices to work higher from here.


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