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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
- BAX futures remain off highs seen in the extended move after higher US initial claims but still see a reasonable rally on the day.
- It sees implied yields for the Jun’23 -1.5bps, Dec’23 -5.5bps and Jun’24 -8bps, with the BAM3/Z3 spread cut 4bps to +25bps after yesterday’s close was one of the highest seen since the Z3 started trading in Dec’20. For context though, Jun and Sep’23 yields are still 12bps higher post-BOC, with subsequent contracts 16-17bps higher.
- Near-term, BOC-dated OIS prices a 16-17bp hike for the Jul 12 decision, with upcoming tests from Beaudry later today as mentioned earlier before tomorrow’s labour report.
- The latter is the first of two jobs reports before the next BoC, with consensus for solid jobs creation to be offset by higher labour supply and the u/e rate drifting a tenth higher to 5.1% but still near series lows.
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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