Free Trial

Front BAX Futures Rally 5bps on BoC, Curve Remains Heavily Inverted

CANADA
  • BAX futures have rallied 4.5-6bps since the BoC decision through 2023 contracts, ramping up to 8-9bps through 2024 contracts.
  • Whilst a reasonable rally, yields remain above levels prior to CAD CPI on Jan 17 (when core measures came in stronger than expected), about 15bps in the case of the Dec’23 having increased late last week/early this week.
  • As such, the curve keeps to recent heavily inverted ranges: BAH3/Z3 -0.75, BAZ3/M4 -1.065.

To read the full story

Close

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.