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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
- GoCs have seen a sizeable rally over the past hour, with 2YY now just 1bp higher since retail sales (-0.4bp on the day) and 10YY -0.7bp lower (also -1bp on the day).
- It opens sizeable outperformance with Treasuries for the second day running (Tsy 2Y +8.2bps, 10Y +5.4bps) in a reversal of significant underperformance earlier in the week both before and after CAD CPI.
- The result is the 2Y Can-US yield spread widening back to -28bps, close to where it started the week having touched -5.5bps on Wed and seen sustained levels of -10bps for levels last seen in Sep’22.
- Combined with WTI reversing earlier gains, it sees USDCAD push higher to session highs of 1.3519, with resistance seen at 1.3568 (May 15 high). CAD is back at the bottom of the G10 FX pack for the day.
2Y Can-US yield spreadSource: Bloomberg
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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