Analysts at TD Securities, (TDS), explained that risk sentiment cooled early into the North American session, leaving US equities lower at the midday close (SPX: -0.5%) while the TSX saw a 0.2% decline after a more upbeat tone in Europe.
Key Quotes:
“USTs rallied by up to 4 bps in 10s as the curve bull-flattened while Canadian rates underperformed by 1-2 bps.”
“The USD traded on its back foot against G10 FX, with SEK (+1.4%) leading the advance after the Riksbank reaffirmed plans to begin raising rates in Q4. Antipodeans (AUD, NZD: +0.6%) also saw strong gains against the greenback.”
“Australian trade and retail sales will provide the highlight of what should be a quiet session with US markets closed for July 4th.”
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