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Canadian FI Outperforming US Ahead Of Domestic Data

CANADA
  • GoCs are modestly outperforming Tsys an hour after the open, with yields 0-1bps higher on the day.
  • Clearer outperformance in rates space, especially in 2024 contracts, with BAX futures little changed in early trade vs up to a 8.5 tick sell-off for SFRZ4.
  • The BAU3/Z4 spread sits at -96bps, from -65bps pre CPI but not quite back to the -105bps seen at the close after the BoC hiked on Jun 7, such was the trimming of inversion in the second half of June.
  • Data ahead: Mfg sales at 0830ET and then existing home sales at 0900ET, with the latter seeing elevated interest after the pickup in housing activity was explicitly cited by Macklem with its latest hike on Wed.

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