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Daily Market Commentary

The story this morning is the weak US dollar.  Against all currencies this morning the greenback is getting beaten down on concerns that the Fed will continue to lower rates following the crisis in the financial industry.  The news is so bad in the subprime and CDO space, that all financial institutions seem to be taking it on the chin whether they own the paper directly or not.  No other industry is linked into the rest of the economy like the financials, and the worries persist about the pain spreading into other sectors.

 

Gold is up $15, and only the Yen is trading lower against the big dollar this morning.  CAD$ are actually mixed around the world, but are showing huge gains measured against our normal biggest trading partner.

 

  Bonds this morning are slightly weaker on the day despite Canadian building permits coming in much lower than expected this morning.  With equity futures ticking higher, the pattern is being followed of bonds being sold to buy equities and vice versa.  The data is very light this week, so bonds will continue to take their cues from global trends, including the all out battle currently playing out between equity bears and bulls



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