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EGB Supply For W/C Aug 15, 2022


Remains Below The 50-Day EMA


W/C August 15, 2022


Bearish Threat Remains Present


J.P.Morgan: Backdrop More Favourable For CNY Rates

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MNI Point of View:

The Bank of Canada is widely expected to keep its target rate on hold at 0.25% Wednesday as BoC governor Stephen Poloz passes the baton to Tiff Macklem. There will be no media lock-up or briefing; no Monetary Policy Report (next release July 15).

  • Base Case: Steady as she goes as many view the state of the Canadian economy less downbeat after the country started staggered openings around mid-May as virus cases leveled out.
  • Dovish: Break (zero) only in case of emergency -- a move to zero bound an option of last resort, analysts widely see any additional easing to come in the form of QE, credit and/or liquidity enhancing measures.
  • Hawkish: Raising rates still not an option for the foreseeable future. While the rise in COVID-19 virus cases may have moderated, too many unknowns remain with no vaccine available.


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