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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
- GoC yields trade 6.5-10bps higher, led by 10s.
- Performance vs Tsys has been mixed, with 2s underperforming, 5-10y tenors slightly outperforming (no large impact from the largest bid-to-cover for a 5y auction since Sep’21) and larger outperformance at the very long end.
- BoC-dated OIS continues to sit with around 50/50 odds of a first cut in June but it now only just prices a first cut in July.
- 3-mth CORRA futures have lagged the sell-off in SOFR contrary to front end GoCs underperforming. CORH4/Z4 has narrowed further to 72bp of cuts vs a little less than 90bp of cuts before both US CPI (Mar 12) and the BoC decision (Mar 6).
- The moves are entirely US-led, with softer than first thought manufacturing sales including downward revisions having little sway.
- Tomorrow sees housing starts and wholesale finalized sales but greater focus is on Tuesday’s CPI.
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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