20. January 2011 10:57
The bond market has sold off a bit this morning, in large part due to some better than expected US economic data. These include:
- Initial Jobless Claims for last week were 404k (420k expected)
- Continuing Jobless Claims for last week were 3.861MM (3.985MM expected)
- Existing Home Sales increased 12.3% MoM in December (+4.1% expected)
- Leading Indicators in December were +1.0% (+0.6% expected)
- Philly Fed for January is 19.3 (20.8 expected)
The most important of these without a doubt is the existing home sales reading, which undoubtedly has a large foreclosure and short sale component.
In Canada, the Leading Indicators reading for December and Wholesale Sales growth for November were both stronger than expected.