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Market Update

Bonds are starting the day higher as a little apprehension creeps its way back into the market.


The Eurozone is teetering a little as a weak retail sales print is fuelling speculation that the US slowdown is spreading.  Euros are dropping against CAD and US$ as well.  Since the EU has resisted dropping rates in what has remained stubbornly high inflation numbers, this could be the first sign of the pressures easing.



CAD$ happen to be the strongest major currency in the world this morning, despite gold trading lower.  The strength of the CAD$ this week has been mostly a bounce back from weakness, but we appear to be range bound with the US$.  As usual, our fate in Canada is stilled tied to the US, and I wouldn't bet on that relationship decoupling any time soon.




Initial Jobless Claims were much higher than expected this morning.  Keep an eye on updated charts on ideashare, as this is one we are watching closely.  As claims are a weekly report, an individual print means little, but the overall trend is very important.  That trend is higher, and we're worried that this the last show to drop before there is some real pain in the US economy, even outside of the financial/housing sector.



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