Free Trial

GoCs Underperform Tsys Ahead Of Retail Sales

CANADA
  • GoCs are off lows but still trade 0.5-1.5bp cheaper (bear flattening), underperforming Tsys where yields sit 1.5-3bp richer (bull steepening).
  • 2Y yields of 4.966% sit off yesterday’s fresh cycle high of 4.995% that marked highs since 2001.
  • Retail sales for July at 0830ET. Consensus sticks to the 0.4% M/M advance from last month along with a marginally stronger 0.5% for ex-autos. We watch how this translated to volumes in July after some weak months left the 3M/3M trend at -3% annualized in Q2, as well as the nominal advance for August.

To read the full story

Close

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.