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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 continued the steepening seen since Friday’s strong labour report, with the front BAU3 near unchanged (+0.005) but with a sell-off building through 2024 to Dec ’24 (-0.04).
- It sees BAU3/Z4 at -51.5bps (-64bps on Thursday’s close) for its lowest level of inversion since -49bps on Aug 22 and before that Sep’22. It compares to -105bps for the SOFR equivalent.
- BoC-dated CORRA OIS continues to imply a 9bp hike for next month’s decision although builds to a cumulative 13bp for December. The market is still undecided on the need for a further hike after the BoC shifted back to pausing last week whilst assessing incoming data.
- There is potential for significant spillover from tomorrow’s US CPI print whilst waiting for the next major local event with Canadian CPI a week from now.
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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