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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
- Monthly GDP data for April/May advance were broadly in line with expectations, driving initially limited moves in USDCAD (which have since built) whilst Canadian FI rallied in spillover from the US PCE report.
- GoC yields are ~4bps lower across the curve to leave Can-US yield differentials little changed. That includes the 2Y differential at -69.5bp, having increased dramatically from the lower than -90bps two days after the BoC’s first cut of the cycle on Jun 5 (with the recent increase primarily driven by stronger Canadian CPI).
- BoC-dated OIS continues to hover with 10-11bp of cuts for the Jul 24 decision.
- USDCAD has most recently stepped lower to session lows 1.3686 but remains above yesterday’s 1.3676. Support remains at 1.3626 (Jun 25 low).
- Canada real GDP increased 0.3% M/M in April as indicated by last month’s advance, whilst the May advance was indeed softer than some had looked for at a tepid 0.1% M/M.
- It left growth tracking at 2.1% annualized on a 3M/3M basis or 1% Y/Y in May.
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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