For the first time this week, the economic calendar is not completely empty.  Granted, the S&P Global PMI data is not the heaviest of hitters, but it is having an impact so far this morning.  Stronger results are contributing to an erosion of overnight gains.  The only confounding factor is the Bank of Canada announcement which came out at exactly the same time.  It was a tad hawkish (or rather, not as dovish as the market may have hoped), and has arguably contributed to additional weakness after 9:45am ET.

If we zoom in a bit and allow the y-axes to readjust, we see that most of the Treasury selling was done by the time the Canadian dollar was only halfway through reacting to the BOC.  This suggests the US bond market is paying more attention to the data.

Still to come: 5yr Treasury auction at 1pm ET.  This is probably the second most important auction in the 2-30yr range these days, behind the 10yr.  As always, relevant Treasury auctions have the potential to cause a reaction, but are just as likely to have almost no discernible impact.