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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 twist flatten and broadly track the sell-off in Treasuries today except for the belly where 5s outperform with yields only 1bp higher vs 3.5bps for Tsys. Drivers for the outperformance are unclear although 5s saw the highest bid-to-cover since Sep’21 yesterday.
- A dearth of higher tier local releases has seen Can-US yield differentials keep to relatively narrow ranges this week, with the 2Y at -48bp and 10Y at -77bps.
- That could change next week, with CAD CPI (Tue) plus Dep Gov Gravelle’s QT remarks (Thu) which will be watched closely for guidance to changes around the current passive runoff strategy.
- It also comes with BoJ (widely telegraphed to exit negative rates) and the FOMC (potential for a hawkish dot plot surprise) decisions, along with the BoC minutes from the Mar 6 decision.
- For now, there is only around 50% probability of a first BoC cut in June, instead fully priced for July, with around 67bps of cuts priced for 2024 as a whole.
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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