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Apple Headline Modestly Weighs On Sentiment

CANADA
  • Apple headlines on the plans to slow hiring and spending for some teams in 2023 have a surprisingly modest impact on Canadian assets considering S&P E-minis have unwound the day’s gains, as both GoCs and USDCAD remain well within session ranges.
  • GoCs have seen a small acceleration of the recent unwinding of an earlier sell-off, 2YY dipping 0.5bps for the 2Y and growing to 1.5bps for the 10Y since the headline, leaving yields up 1.5-2.5bps on the day across most of the curve.
  • USDCAD climbs further off earlier lows of 1.2899, up 20 pips to trade -0.5% on the day at 1.2966 as 1M implied vol remains relatively elevated.

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