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Daily Market Commentary

March 28, 2007

Yesterday's Richmond Fed manufacturing index hailed more bad news for the US manufacturing sector, the 4th consecutive month of below zero readings.  This had bonds grinding slightly higher, but the reaction was fairly muted.  This morning the Durable Goods orders came in stronger (+2.5%) than last months shocking drop of 9.3%, but still less than expectations.  Ex-transports was another negative reading of -0.1%.  This is another bearish indicator of the economy and the bonds are responding positively.  The US 10yr has dropped 2 basis points this morning, so outside of a couple of very volatile days, it has been a very range-bound trading month.

 

The CAD$ is ignoring the spike in Crude this morning, for the most part - trading flat to slightly weaker against most majors.

 

Most of the North American data is still to come for the week, it will be a very busy Thursday and Friday, so stay tuned.

 

 

 

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