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GoCs See Sizeable Bear Steepening Ahead Of Budget

CANADA
  • FI: GoC yields are on for a notable bear steepening today, with 2YY +2bps, 10YY +8bps and 30YY +11bps as long end yields rise back to highs seen since the BoC indicated it could act forcefully.
  • GoCs had been largely tracking Treasuries earlier but have since underperformed with the budget ahead.
  • Little change in rates from earlier, with BAX futures firming up to 6.5 ticks in the red pack but it makes relatively little difference to an aggressive rate path.
  • FX: USDCAD trims earlier gains to sit +0.3% at 1.2579, as CAD and Antipodeans suffer the most from dollar strength after a string of solid appreciation against the greenback. It hovers back closer to the 20-day EMA of 1.2572.
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