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Daily Market Commentary

Shortened trading week this week - Friday's a trading holiday and Thursday will be an early close for the bond markets.


Interestingly, the data I have been talking about so much for the past several weeks (US employment numbers) come out on holiday Friday, so they won't be traded.  Fear not - I will have an update on Monday highlighting the numbers...


We are starting the week void of any data and the markets are acting accordingly.   Canada bonds are flat and Treasuries are ticking up slightly.  While the spread between Canada and US 10 year bonds has crept back to 52 bps, expect that to narrow as GoC's look relatively expensive compare to other G7 bonds - a trade that can be made without exposure to US$.


The CAD$ is maintaining levels achieved during a remarkably strong trading week last week.  Expect stories about the "Petro-Loonie" to resume in the papers shortly should crude stay at these mid-sixties or better levels.  This puts a solid bid under the CAD$


ISM manufacturing numbers come this morning, they have been hovering just above the boom/bust line of 50 recently - watch the tape at 10am as it could create some volatility.




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