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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 maintain their bear steepening (2Y +1.5bps, 10Y +3.5bps) and in doing so lag the sell-off in Treasuries, especially at the front-end with the 2Y Tsy +5.5bps helped by the auction tailing.
- The outperformance helps maintain the gap between the slope of the curves with 2s10s at 22bps for GoCs (the top of the month’s range) but 6bps for Tsys.
- The day’s bear steepening comes despite Canadian weekly consumer confidence dipping to a new pandemic recovery low, at a level that excluding the depths of the pandemic was last seen in 2009.
- With the key local update not until GDP on Thursday with potential focus on recession risks or potentially a lack thereof if it comes in strong, various important central bank speakers are likely to set the tone between then.
Can vs US 2s10s. Note chart showing last price vs ask price in text. Source: 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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