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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 DATA
- Whilst not garnering much by way of market reaction, Canadian existing home sales data for June showed a continuation of the pick-up in activity that the BoC noted on Wednesday in part when hiking the policy rate a further 25bps to 5%.
- Sales increased 1.5% M/M following an only slightly downward revised 4.6% in May (initial 5.1%) and a particularly strong 11.1% (revised from 11.3%).
- Similarly, the benchmark home price index increased 2% M/M for the third month running to leave prices down 10% from the Feb’22 peak having been -15% in Q1, and 38% above pre-pandemic levels.
- The gains are being helped by a continued lack of supply, with the 3.1 months of inventory for a June still low by historical standards having only been lower in 2022 over the past seven years.
- Those three monthly increases did however all come after the BoC had moved to pause its rate hikes after January. It's since hiked in the last two months (Jun 7, Jul 12) with the first one unlikely to have materially been picked up in this June data with mortgage deals already locked in.
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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