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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
- There has been limited initial market reaction to stronger than expected industrial product and raw materials prices in April.
- USDCAD dips ~10 pips to 1.3620 but only to reverse an uptick seen shortly ahead of the data and with earlier lows of 1.3615 intact (bear trigger at 1.3590).
- Can-US 2Y yield differentials have increased just 0.5bp to -68bps to increase the move away from Friday’s close at -71.5bps.
- BOC-dated OIS shows between 16-17bps of cuts for the Jun 5 decision.
- Industrial prices increased 1.5% M/M (cons 0.9) in April after a marginally upward revised 0.9% (initial 0.8) in March, with the ex-energy component driving a large share of the April increase at +1.4%.
- The StatsCan press release notes primary non-ferrous metal products rose 8.3% M/M (largest since Mar’22, owing to unwrought silver and gold price increases) on geopolitical tensions, along with strong increases for industrial metals (unwrought copper and unwrought aluminium) following China manufacturing strength.
- The separate raw materials index also increased 5.5% M/M (cons 3.0) after a downward revised 4.3% (initial 4.7), again with large gains for the ex-energy component at 5.3%.
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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