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Analysts at TD Securities explained that market sentiment was modestly upbeat after the Trump Administration signaled it would back down on new investment restrictions against China, helping North American equities to recover some of yesterday’s loss (SPX: 0.2%, TSX: 0.9%).  

Key Quotes:

“USTs were little changed while Canadian rates underperformed on a 3bp selloff in 2s ahead of Poloz’s speech on Wednesday.”

“USD saw broad-based strength against G10 FX amid simmering trade tensions with NZD (-0.8%) leading the move lower after the RBNZ flagged the currency as “elevated”. GBP (-0.4%) sold off on commentary from BoE officials while CAD (-0.1%) outperformed on the crosses.”

“NZ business confidence and a highly anticipated speech from Bank of Canada Governor Poloz (see our preview) are the event risks for Thursday.”