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Daily Market Commentary

Friday's sales numbers sparked a mild rallying the markets to close the week, although flows were pretty light, typical for a summer Friday.


The data truck is loaded this week, so we should see some movement in the market with the release of CPI, PPI, leading indicators, and housing numbers.  Starting the party were Canada's manufacturing shipments and vehicle sales, both of which came in light.  Empire manufacturing index was a touch stronger than last month, but not convincingly so.


  Bonds are hovering right in the middle of their recent trading range, 5.09% on the ten year treasury.  While we've seen 5.25 to 5.00 as the recent range, charts are looking somewhat bearish and caution is warranted as we're looking to re-test the recent high yield.  That could be expedited by some strong inflation numbers this week. 


The CAD$ remains strong, which was a nice surprise for the weekend's trip south of the border... the strong loonie has yet to be reflected in the prices of a lot of goods here vs. the US, making them look cheap over there (or expensive here??).  The strength of the dollar doesn't look to be going away anytime soon as crude is pushing through $74, gold is rising, and the US$ is persistently weak.


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