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Daily Market Commentary

It is employment Friday. First out was Canada's report and once again, it surprised on the upside with 14k new jobs added and the rate falling to a 30 year low of 6.1%. Our trade surplus surprised on the upside also, coming in at $6.3 billion. The Loonie has bounced on this release to the 1.1734 from the 1.1800 level.


 The all important US report revealed an increase of 97k in non-farm payrolls. While this was on consensus, January and December's numbers were revised upwards by 55k.This, combined with a fall


In the rate to 4.5%, has sent bond traders scurrying , with the all world benchmark 10 year Treasury down by a full half point.



In other news, Telus came to market with a $1 billion, two part bond issue, a $300mm 5 year at 62bps over Canadas and a $700 mm 10 year at 98 bps over. The issue was $ 200 mm larger than planned, reflecting strong demand for non-bank bonds.





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