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Little Reaction to Macklem Remarks As US CPI Surprise Still Dominates

CANADA
  • 2Y GoCs rallied up to 1.5bp but have given most of the move back on a day that down -27bp with US CPI spillover.
  • USDCAD up less than 10 pips at 1.3375 having earlier climbed off session lows of 1.3334 after Daly. Still down -1.1% on the day as CAD notably underperforms on crosses (AUDCAD +1.2%).
Headlines:
    • BOC BALANCING RISKS OF OVER- AND UNDER-TIGHTENING
    • BOC SAYS MUST SLOW JOB MARKET TO RESTORE PRICE STABILITY
    • BOC: SOME RECENT SIGNS JOB MARKET STARTING TO SLACKEN
    • BOC SPEECH DOESN'T MENTION END OF HIKING CYCLE BEING NEAR
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  • 2Y GoCs rallied up to 1.5bp but have given most of the move back on a day that down -27bp with US CPI spillover.
  • USDCAD up less than 10 pips at 1.3375 having earlier climbed off session lows of 1.3334 after Daly. Still down -1.1% on the day as CAD notably underperforms on crosses (AUDCAD +1.2%).
Headlines:
    • BOC BALANCING RISKS OF OVER- AND UNDER-TIGHTENING
    • BOC SAYS MUST SLOW JOB MARKET TO RESTORE PRICE STABILITY
    • BOC: SOME RECENT SIGNS JOB MARKET STARTING TO SLACKEN
    • BOC SPEECH DOESN'T MENTION END OF HIKING CYCLE BEING NEAR