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BoC Hikes Pared And GoCs Rally After Jobs Reports

CANADA
  • The CAD labour report was clearly mixed, with jobs growth disappointing at -6.4k (cons 25k, range 8-48k) but with far stronger than expected wages as permanent employee hourly wage growth bounced back to 5.0% Y/Y (cons 4.1%) after an equally abrupt slowing last month to 3.9% Y/Y.
  • The combination has seen mixed GoC performance to Treasuries since the joint jobs data, underperforming at the front end (-10.5bps vs -11.5bps for 2s) but outperforming at the long end (-9bps vs -6.5bps for 10s). It leaves GoC yields trading 9-10.5bps lower on the day through 2-10Y tenors.
  • BoC-dated CORRA OIS has also pushed lower, with now 8.5bp of hikes for Sept (-1.5bp) building to a cumulative 17bp of hikes to 5.17% terminal at year-end (-4bp).
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