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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
CANADA DATA
- Real GDP was softer than expected in finalized April data at 0.0% M/M (advance and consensus 0.2), although followed a slightly upward revised March (0.1% in March).
- Further, the advance May release came in on the strong side, rising 0.4% M/M versus some analysts looking for little change as a -0.4% fall in hours worked weighed.
- Within the April details, there was solid strength in construction and real estate (0.4%, 0.5%) considering the stage of the cycle, the latter following the strong uptick off recent lows in home sales.
- It leaves a 3M/3M rate of 1.9% annualized after 2.8% in Q1 (or 3.1% for the quarterly expenditure account that the BoC forecasts). The BoC look for only 1.0% in Q2 from its April MPR, due to be updated with July’s decision.
- Market reaction, with GoCs rallying slightly more than Tsys, suggests some participants are fading the bounce in the May advance which was in part helped by a rebounding in federal government after strikes which will prove to be temporary.
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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