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Analysts at TD Securities, (TDS), explained that the market sentiment was moderately upbeat through a sluggish North American session with US markets closed for Independence Day.

Key Quotes:

“The TSX posted a 0.4% rally on light volumes while Canadian rates saw a muted selloff that pushed yields 1.5-2.5 bps higher across the curve.”

“FX markets were likewise quiet, with the USD mixed against G10 currencies.”

“Scandies (SEK: +0.5%, NOK: +0.3%) led the complex while GBP (+0.3%) benefited from strong services PMI.”

“EUR (unch) climbed back from intraday lows after Bloomberg reported that some policymakers think markets are underpricing the risk of a rate hike before December 2019.”

“Governor Carney’s speech, German factory orders and FOMC/Banxico minutes will provide a signal for markets on Thursday.”