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Daily Market Commentary

The ECB was out this morning, leaving rates unchanged, as expected.  Euros traded higher as the tone of the release was hawkish, and some expect more hikes to come in the future.  The Bank of England, however, took action against what they see as the risk of faster inflation and hiked by 25 bps to 5.75%.  It seems like the entire world is on inflation alert now... and yields are climbing higher in virtually every major market around the world.



Bonds drifted lower in a very light session yesterday, and continue their slide this morning after the news across the pond.  Throw in a very weak job cuts number and stronger than expected mortgage applications, and the pieces are there for higher yields.  More data will come at 10am with the release of the ISM non-manufacturing number.  It's a measure of small business health and is quite closely watched - watch the tape at 10!


In Canada building permits and Ivey PMI will give us direction this morning.  The former came in amazingly strong with a gain of 21% for May.  Ivey PMI will be out at 10am.  US Jobless claims came in as expected.


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