US: Speaker Emerita Pelosi Injured On CODEL In Luxembourg
Dec-13 16:30
The office of Speaker Emerita Nancy Pelosi (D-CA) has issued a statement confirming an injury suffered by the congresswoman on a congressional delegation (CODEL) to Luxembourg. The statement says Pelosi (84) 'sustained an injury' and was 'admitted to hospital for evaluation', but is continuing to work.
- While Pelosi does not occupy any official role within the Democratic House leadership, her experience as Speaker from 2007-11 and 2019-23 and House Democratic Caucus leader from 2003-23 gives her significant influence over the party's congressional caucus.
- Given the extremely narrow majority House Speaker Mike Johnson (R-LA) is set to face come January, the actions of Democrats could prove crucial on major votes on gov't funding likely to crop up early in 2025.
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US DATA: Rising Rates Maintain Pressure On Mortgage Activity
Nov-13 16:26
Mortgage applications steadied out in the Nov 8 week, with the MBA market composite rising for the first time in 7 weeks at 0.5% W/W vs a contraction of 10.8% prior. But rising mortgage rates were again the key theme.
- Conforming regular 30Y mortgage rates rose 5bp to a 17-week high 6.86%. That was the 7th consecutive rise, which not coincidentally came alongside the 7th consecutive fall in refinancings (-1.5% W/W, after -18.5% prior).
- The Refi index fell to a 23-week low, and while purchases picked up 1.9%, they remain subdued, at the 2nd lowest level since late August and still on a clear downtrend.
- With 10Y Treasury yields again nearing the 4.50% mark and testing post-July highs in the wake of the election, it's unlikely mortgage activity is set for any sort of near-term rebound.
US TSYS: US TSY 17W AUCTION: NON-COMP BIDS $551 MLN FROM $64.000 BLN TOTAL
Nov-13 16:15
- US TSY 17W AUCTION: NON-COMP BIDS $551 MLN FROM $64.000 BLN TOTAL
FOREX: USDCAD Briefly Rises to Highest Level Since 2020
Nov-13 16:01
- The Canadian dollar has relatively outperformed its G10 counterparts amid the greenback surge in recent weeks, owing to the closer relationship between US and Canadian rates and potentially given the short-term trendline breaks & resulting weakness for the likes of EURCAD and GBPCAD in recent sessions.
- However, the persistence of greenback strength in the aftermath of the moderately softer US CPI report did prompt USDCAD to rise above the 2022 highs of 1.3977, briefly printing a new four and half year high of 1.3999.
- Today’s appreciation represents a breach of a key medium term resistance point, and while the psychological 1.4000 level has capped gains so far, further topside momentum would place attention on 1.4034, the 1.00 projection of the Oct 17 - Nov 1 - 6 price swing and then 1.4188, 2.0% 10-dma envelope.
- The domestic calendar remains light this week, with eyes on next Tuesday’s October inflation report as the next important input for the Bank of Canada.
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