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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
- CAD implied rates have pushed higher today from a combination of some reflection on yesterday’s CPI data but also spillover from stronger US data.
- The CORM4 implied yield remains below pre-CPI levels but beyond that yields are currently as much as 4bps higher - see table.
- The June CPI report ruled out risk of another hawkish release and reversed much of the May surprise acceleration, prompting a further build in cut odds for next week's BoC decision although a reasonable acceleration in three-month trend rates helped limit dovish reaction beyond immediate meetings.
- BoC-dated OIS shows ~22bp of cuts for the Jul 24 decision and most analysts we’ve seen have pulled forward their call for a second cut next week. JPM are an outlier though, bringing forward a rate cut but only to Sept from Q4 previously (before a 25bp per quarter pace until 3.25%), whilst GS also now expect a 25bp cut next week but “think the decision is a much closer call than current market-implied odds”.
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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