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GoCs Modestly Underperform, Wholesale Advance Next

CANADA
  • GoCs modestly underperform Treasuries with yields 1-2bps higher on the day.
  • Key event risk clearly comes from Jackson Hole although the only event of the local docket today lands at 0830ET with advance wholesale sales for July.
  • The latter follows upticks in advance readings retail sales (+0.4% M/M) and manufacturing sales (+0.7% M/M) in July, although these are nominal with potentially more tepid implications for next week’s real GDP advance.

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