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BoC Pricing Twist Flattens Around North American Labour Market Data

STIR

Inputs from south of the border via the U.S. NFP print and a mixed domestic labour market report (a strong beat for headline jobs, a slightly larger than consensus uptick in the unemployment rate and a much more notable moderation in hourly wage growth amongst permanent employees than was expected) leave July & September ’23 BoC-dated OIS 1-2bp firmer, while pricing covering the Oct & Dec meetings is a touch below pre-data levels.

  • On net, BoC pricing hasn’t seen any meaningful moves vs. pre-data levels but it is worth noting that the wage growth figure flagged above provided the softest Y/Y reading since April ’22.
  • The BoC will welcome that development after it was forced to resume it’s hiking cycle in June, although overall strength of the labour market and inflation dynamics will be at the fore when the BoC board convenes next week (13/21 surveyed by BBG look for a 25bp hike at present).
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
Homepage Bank of Canada Market NewsBulletMarketsFixed Income BulletsForeign Exchange Bullets
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
Homepage Bank of Canada Market NewsBulletMarketsFixed Income BulletsForeign Exchange Bullets

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