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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
- 10s may be leading the GoC rally on the day but the front end has still seen a decent -6bp decline.
- The latter’s dynamics are supported in rates markets, with BAX futures rallying 4 ticks for the front Sep’23, 6 ticks for the Dec’24 and building to 8.5 ticks through mid-2024.
- The upshot is that implied yields for 2H23 are now ~10bps lower than after the BoC Jun 7 hike (i.e. unwinding half of the then sell-off) and marginally lower for all 2024 contracts as well. The BAU3/Z4 spread widens back to -95bps although remains tight relative to recent months.
- In the near-term, OIS rates imply a 15-16bp hike for the Jul 12 decision, down from 17bp pre CPI, but still with the BoC surveys and monthly GDP this Fri before the employment report the following Fri.
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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