Free Trial
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
- The July CPI report is released at 0830ET on Tuesday, which along with next week’s GDP for Q2/June is the last major release before the Sep 4 BoC decision.
- However, unlike recent CPI reports, market expectations for the upcoming BoC decision are seen as far less in the balance with OIS steadily showing a third consecutive 25bp cut fully priced.
- Consensus sees headline CPI at a non-seasonally adjusted 0.4% M/M although with fewer estimates than usual owing to the summer holidays.
- It would translate to 2.5% Y/Y after the 2.67% Y/Y in June, for what would be a fresh low since Mar 2021.
- The BoC’s preferred core (average of median and trim) is also seen slowing a tenth to 2.65% Y/Y. It’s been within the 1-3% target range since March although has recently stabilized at an average 2.75% over the latest three months to June.
- Note that TD Securities, who are in line with the 2.65% median, see the latest monthly profile accelerating further from 2.9% to 3.1% annualized on a three-month rolling basis. It bottomed at 1.5% in March.
- That would be the highest since December although by our reckoning it would see the six-month rate only increase two tenths to 2.4% annualized.
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.
We are facing technical issues, please contact our team.
ok
Your request was sent sucessfully! Our team will contact you soon.
ok