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BoC Minutes Looked Through Despite June Or July Cut Discussion

CANADA
Homepagemarkets-real-timeBulletMarketsFixed Income BulletsForeign Exchange Bullets Bank of Canada Market News
  • The BoC minutes noting members considered waiting until July to cut rates and agreeing that the pace of easing would likely be gradual has had little immediate reaction on July BoC pricing, still circa 17bp of cuts priced.
  • 2Y GoC yields lift marginally but still within narrow session ranges and USDCAD unchanged on the release.
  • Greater local focus is likely on retail sales on Fri and more importantly CPI on Tue, although the June or July starting point discussion could see a larger reaction in the event of beats in these releases.
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  • The BoC minutes noting members considered waiting until July to cut rates and agreeing that the pace of easing would likely be gradual has had little immediate reaction on July BoC pricing, still circa 17bp of cuts priced.
  • 2Y GoC yields lift marginally but still within narrow session ranges and USDCAD unchanged on the release.
  • Greater local focus is likely on retail sales on Fri and more importantly CPI on Tue, although the June or July starting point discussion could see a larger reaction in the event of beats in these releases.