$CDN, & Bernanke’s Six Gun Salute to China

Posted by David Rosenberg - Gluskin Sheff

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In this issue of Breakfast with Dave

• While you were sleeping: the risk-on trade looks to be a little off today; the USD hits resistance at the 50-day moving average; Bernanke points to China as a source of global imbalance; secular bull market in bonds is not over; CAD hanging in very well

• U.S. index of leading economic indicators a mixed report: it rose 0.5% MoM in October (as expected) but once again, this was boosted by the yield curve and the stock market. Removing these two components, the ‘real economic LEI’ was only up 0.1%

• Whoa Philly! The Philly Fed manufacturing index jumped in November, to 22.5 … and the components were very positive as well

• No holiday cheer: The U.S. House of Representatives failed to pass a bill that would have extended unemployment benefits to millions of Americans

….read it all HERE