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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 seen the day’s rally extend further and despite most recently pulling off highs, see the front BAM3 +0.04, Dec’23 +0.08 and Jun’24 +0.09.
- The BAM3/Z3 spread has fallen 4bps to +8bps but aside from recent trading days is otherwise at highs since very early Mar 2022, and still a sharp increase from -30/40bps up until mid-May.
- Markets look to the hawkish aspect of the BoCs conditional pause with OIS pricing roughly 1/3 odds of a hike on Jun 7 and a hike fully priced to come later.
- First though, we see Q1 GDP tomorrow with consensus 2.5%/BoC 2.3% annualized after Q4’s surprisingly soft 0.0%. With the Bank estimating potential growth at 2.3% in 2023, it would mark a quarter with zero progress in demand softening to allow supply to move in better balance.
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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