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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
- Another day another steepening in the BAX curve, with the front Jun’23 -0.025, Dec’23 -0.04, Jun’24 -0.12 and Dec’24 -0.12.
- It sees the BAM3/Z3 spread increase further to +0.115 from -0.055 at last Friday’s close, which would be the highest close since very early Mar 2022.
- Further out, after little change earlier in the week, the BAZ3/Z4 spread has also narrowed from -1.14 to -1.06 today, unwinding some 12.5bps of cuts priced for 2024 over the week.
- The latter comes with the Dec’24 implied yield of 4.20% currently set for its highest close since Oct 20, 2022 and otherwise the highest the contract has seen.
- With OIS now pricing one more hike from the BoC in Sep and possibly July, next week’s highlights include CAD GDP for Q1 plus the monthly advance for April on Wed plus various important US data release including payrolls on 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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