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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
- BAX futures have drifted higher again in recent hours but remain off post-CPI highs. Latest momentum behind core measures offered at least a step in the right direction for the BoC even if three-month run rates are still in the 3.5-4% range it noted when hiking earlier this month.
- The day’s rally is largest from the front Sep’23 through to Mar’24 (+3.5-4 ticks), fading further out with the Dec’24 more notably underperforming with unchanged on the day.
- It means almost no change in the U3/Z3 time spread at +0.05, still only a little off last week’s recent highs, whilst the U3/Z4 narrows to -0.915 which aside from high -0.8s last week is close to the least inverted for that particular segment of the curve seen this year.
- Meanwhile in the much nearer-term, OIS shows only a small dip in July hike expectations on the day, at +16bps vs +17bps prior to the data.
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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