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GoCs Twist Steepen Ahead Of Data

CANADA
  • FI: GoCs twist steepening as rate expectations are trimmed some more, leaving 2YY -2.7bps, 10s unchanged and the very long end +1bps. It broadly tracks Tsys after a lack of idiosyncratic drivers of late unless upcoming data (below) throw up any surprises.
  • FX: USDCAD sits +0.05% on the day at 1.2822, towards the low end of the yesterday’s range, and currently sitting near a cluster of small option expiries for today’s cut-off at 1.2795 (380mln), 128 (290mln) and 1.2815 (411mln). It doesn’t trouble technical levels here.
  • Data: Retail sales for Mar/Apr adv at 0830ET. The March flash had sales jumping +1.4% M/M after a flat Feb, with attention on how much of this was real spending and what happened in the April flash.
  • SEPH labour report for Mar also at 0830ET - the more timely jobs report moderated to +73k in March and then a further +15k in April.
  • US data for GDP and jobless claims hit at the same time.
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