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Daily Market Commentary

We had a brief break from the selling for the past two days, but this morning we continue right back into it, taking yields higher across the board in the bond markets.  10 year treasuries are through 5% now, and the entire curve is flirting around that level except the very short overnight at 5.25% and the 30s at 5.15%

 

This comes off the back of the Bank of England, who didn't move overnight rates, but speculation rose on the back of their comments that more hikes are to come in the UK, along with the rest of the world in raising short term rates.  The BoE has been the leader in this cycle of rate hikes, and markets around the world have taken this to mean that the cycle is not over yet - more hikes in England means continuing hikes elsewhere.  Even the perennially deflation Japan is seeing yields rise across their curve.

 

Canada 10 years now sit at 4.58%.

 

"Dollars" are strong around the world this morning, with Aussies leading the pack, followed by US$ and then ours.  This makes our dollar seem weak, unless you're flying to Europe later, where we're up about 25 pps.

 

There will be more comments following the jobless numbers in the Daily FI Snapshot.

 

 



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