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Daily Market Commentary

With lack of anything to talk about in the North American markets yesterday, we'll focus overseas.  Australia raised their overnight rate to 6.25% overnight.  With the UK at 5.25%, the prospect of lower rates in the US could put further pressure on the US$ - as borrowers in low rate countries (like Japan) invest in government securities other than Treasuries.


Canadian building permits fell off a cliff for February (-22.4%, from +10.4% in Jan).  this is an ominous sign for the very solid Canadian housing market.  Arguably this is a positive for the housing market, however, as lower building permits equals less supply.  Keep in mind also, that Feb is a traditionally slow month for building (or planning to build)



Bonds are slightly higher this morning even though job cuts fell in the US - a sign of strength in the US employment sector.  CAD$ is holding its own as gold strengthens somewhat and oil remains mostly unchanged.



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