header header
With your host Hank Cunningham
Search   GO



Blog Entry

Daily Market Commentary

JOBS - despite constant revision of jobs numbers in subsequent months following their release, we have to take note of the soft numbers this morning.


88,000 new non-farm jobs vs 177k last month is decidedly softer than expected.  Previous months were revised downwards also.  Avg hourly earnings ticked lower as well.  This is surely positive news on the inflation front, and the bond market is confirming, but only mildly.  The market has been grinding lower for some time, unable to gain any upside traction.  Having bounced around that 4.22% (10yr CAN) support level several times now, we are moving a little higher on this news.  Surprisingly, there is very little volume or conviction in the buying.


  The effects of the housing slow down are surely being felt in these numbers.  We are truly seeing an economic dogfight of the damp housing sector vs. the hot corporate sector.  As the F.A.S.T. desk says, if your feet are in the oven and your head is in the freezer, your average temperature is ok.



You can't hold the CAD$ down.  It is higher against US$, EUR$, GBP, AUD$, CHF and NZ$ - probably others too, but I didn't bother looking.  It is really rather impressive the strength the CAD$ has shown in spite of Oil being soft this week.  We continue to expect a pause in this rally as we've seen in gold and other commodity currencies like the AUD$, but we're starting to get tired of being wrong!


<< Back to Blog Entry Index




2006-2019 Copyright. In Your Best Interest. All rights reserved. Privacy Policy. RSS Feed.