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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.
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Get the latest on Central Bank Policy and FX & FI Markets to help inform both your strategic and tactical decision-making.
Free AccessHawkish Hold From BoC
A hawkish hold from the BoC to maintain hiking flexibility come October. Excess demand in the economy may be easing but the impact of wildfires on GDP was noted, it is still concerned about the persistence of underlying inflationary pressures and it is explicitly prepared to hike again if needed.
- GoCs yields have increased 3-4bps since the announcement but that slightly lags a larger sell-off in Tsys after a strong ISM services report.
- The GoC sell-off builds on that seen in the hour beforehand to leave the 2Y +2.5bp on the day vs +3bps for Tsys.
- USDCAD jumps higher but quickly off fresh recent highs of 1.3676 to 1.3654, about 20 pips since 1000ET. CAD switches to outperforming high beta peers.
To read the full story
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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.