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Daily Market Commentary

Lots of news out this morning, all a mixed bag of data. Canada Manufacturing shipments were way down, US PPI was stronger than expected and US empire manufacturing index fell off a cliff.  The knee-jerk reaction for the bond market was downward, but the selling has eased and the market is stabilizing.  As expected, Canada is outperforming on our econ-bearish news and the market is mostly unchanged (but slightly steeper yield curve).  The US market is slightly lower than yesterday's close, with the 10 year hovering at 4.54%.


The CAD$ had a terrible day yesterday, weakening considerably against the majors.  With gold not strengthening, and oil remaining below $60 (add to that, our lower rates and seemingly weaker econ data), there doesn't seem to be much of a bullish case for the CAD$ these days.



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