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Daily Market Commentary

The notoriously volatile Durable goods orders is out this morning, showing a sharp drop which has given a bid to the CAD$, once again.  We were trading lower on the day but have settle to unchanged levels.  While a setback in the CAD$ is overdue here, the reasons for its strength still remain.  The only thing that would set it off course here is a round of rate easing from the Bank of Canada.  At this point, that is not priced into the market, but those expectations could change if the US slowdown persists and drags us down with them.


  Bond markets seem to have settled into a holding pattern.  We've had directionless trading for a couple of days now, slightly higher yesterday and slightly lower today.  Tomorrow's GDP release should throw some action into the market.  Even though using GDP as an indicator is kind of like driving while looking only in the rear view mirror, it is still closely watched as the trend of GDP is followed among many.


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