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Market Snapshot And Recap

CANADA
  • FI: The GoC front end continues to firm further into the North American session whilst the longer end has more stubbornly moved sideways over the past 90mins.
  • 2YY now -3bps on the day vs 10yy unch, with the modest bull steepening seeing 2s10s up to 13bps after last week’s brief low of 7bp, last seen in March 2020 having been inverted through 2H2019-Feb2020.
  • FX: USDCAD is off earlier lows but still down -0.25% at 1.2489 as CAD lags commodity exporting majors but outperforms other majors with oil up strongly on the day.
  • Data recap: Building permits bounced far more than expected in Feb (21% M/M after -9% M/M) but were heavily faded as it was boosted by large hospital projects. Single-family home permits increased just 1.5% M/M.
  • The BoC business and consumer surveys for Q1 showed increased inflation and capacity pressures, with further impacts from the war in Ukraine possibly to feed through but no de-anchoring in long-term expectations yet.
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