The TSX
failed to retain yesterday’s early gains, thereby extending its streak of
miserable Monday’s in the process. The trend over balance of the week has been
much more positive for the last few months, and that trend continues this
morning with the major North American benchmarks in positive territory. The Dow
just touched a figure not seen since December 2007. There is very little hard
data out there this morning so the focus remains the FOMC’s rate decision due
Thursday. Short term interest rates in countries such as Spain and Italy
continue to slide after last week’s ECB announcement, which has significantly
reduced the risk financial disruption in the region. The TSX is up 28 pts. The
Dow is up 89 pts.
The
Canadian dollar continues to climb along with risk appetite, up another 57 bps
to US$1.0287. Bond yields are up a tick to 1.41% for the 5-year Canada and
1.86% for the ten. Oil is up 34 cents to US$96.88/barrel. Gold is up $4 to
US$1736/oz.
Have a
great day.
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