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Daily Market Commentary

March 8, 2007

 Bond prices are lower this morning, in large part owing to the continued bounce back in global equity markets. In addition, the ECB raised the EURO discount rate for the seventh time, in a 25 basis point hike to 3.75% and pundits are calling for at least one more hike. The Bank of England, always marching to its own drummer, left its key rate unchanged at 5.25%, citing some easing in inflation.

 

 What economic news there is in North America has mostly to do with Canada's Housing Market.  Housing starts for February plunged from 248k to 196k, far worse than forecast while the New Home Price Index moved up by .3%.

 

Thus today will give bond traders a breather while they brace for tomorrow's all important employment news on both sides of the border. Current consensus calls for a puny increase of 95k in non-farm payrolls.

 

The Loonie continues to vacillate in the 1.1700 to 1.1800 range.

 

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