***Economic data*** - (CA) Canada Apr New Motor Vehicle Sales M/M: -4.7% v -5.0%e - (MX) Mexico May Vehicle Production: K v 170.3K prior; Domestic Vehicle Sales: Kv 60.4K prior
- US equity markets opened higher this morning, following broad strength in Asian and European markets. It has been a quiet session so far, with no earnings or economic data releases on the calendar, investors' better appetite for risk continues to take hold. The euro has managed to sustain gains above 1.22 while front month copper tests $3 once again. Fed hawk Bullard offered thoughts on monetary policy in comments at a Tokyo conference earlier in the session, saying that now is not the right time to further increase the discount rate although Bullard also said if the discount rate were to rise further it would not be a sign of tightening. Front month crude is up nearly two dollars in the early going, trading around $75.50 mid morning. Treasury prices are lower on reversed safe haven flows. The 10-year yield has climbed back to 3.3%.
- BP opened down 4% and is at session lows around -8% mid morning. Speculation and commentary on the state of BP's dividend have been a major subject over the last several days. As announced last week, BP's board is meeting today to decide the fate of the dividend, and has promised an announcement on the subject on Wednesday. CEO Hayward is expected to travel to Washington on Wednesday, when BP's chairman is scheduled to meet with President Obama. The Obama administration over the weekend called for the firm to setup an independent escrow account to pay claims to those affected by the oil spill.
- The currency price action consolidated in a quiet NY morning, with EUR/USD holding above the 1.2230 level. The size of the Spanish debt auctions for the week presented a bit of pause in the euro's recently found support as the market awaiting to see if the recent trend of European peripheral appetite continues to remain at healthy levels exhibited late last week. European officials have been quite verbal in noting that Spain has not made any request to tap the EU/IMF rescue fund. A German official stated that a G7 conference call on the upcoming G20 Summit to be held in Canada at month end did not discuss Spain.
***Looking Ahead*** - No events seen
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