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Daily Market Commentary

Last week's action has led to a lull in data and in market activity as we get going this week.

Let's recap all the data we saw and heard last week.

Inflation:  PCE in the US remained stubbornly high, although Avg hourly earnings dropped.  the Inflation is not coming from wage pressures.

Employment:  ADP and Nonfarm payrolls both surprised slightly to the upside (the economy still gave up jobs, just not ass many as expected), but the underlying quality of jobs wasn't great.  Jobless claims ticked higher yet again.  A drop in unemployment rate signals job searchers quitting?

Economy:  GDP was as expected, Chicago PMI, Milwaukee NAPM and ISM all printed in the contraction range again - although stabilizing from last month's release.

Bonds are unchanged to start the week, waiting for any real data to trade on while the equities weaken on the MSFT-YHOO deal falling apart.

We will have to wait until 10am to see ISM non-manufacturing data, which will lead off a very light week of economic data.

CAD$ are strong this morning as the greenback shows some weakness around the world.  Strength in gold and other commodities are giving their traditional boost to loonies.  Nat Gas in particular is strong, as one of the biggest commodity exports to the US, it has a disproportionate effect on our currency.

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