Free Trial
GOLD

Gold Price Advance As USD Softens

BONDS

NZGBS: Impending RBNZ Decision Front & Centre

Real-time Actionable Insight

Get the latest on Central Bank Policy and FX & FI Markets to help inform both your strategic and tactical decision-making.

Free Access

Rates Outperform With Easing Vacancies, Soft GDP Momentum

CANADA
  • Canadian rates see sizeable outperformance to the US from the Mar'23 onward e.g. BAZ3 -0.045 vs EDZ3 -0.11.
  • Nevertheless, yields are still up from yesterday across the curve, maintaining a Dec'22 peak roughly consistent with a policy rate of 4% (i.e. 75bp more hikes over two meetings left this year).
  • Macro drivers for outperformance: i) the July GDP beat was offset by a weak August flash, ii) the SEPH report for July showed signs of cooling labour demand as the vacancy rate fell 0.4pts to 5.4% (April peak 6.0%) and iii) the CFIB barometer showed a further decline in the outlook along with price and job plans.
106 words

To read the full story

Why Subscribe to

MarketNews.com

MNI is the leading provider

of news and intelligence specifically for the Global Foreign Exchange and Fixed Income Markets, providing timely, relevant, and critical insight for market professionals and those who want to make informed investment decisions. We offer not simply news, but news analysis, linking breaking news to the effects on capital markets. Our exclusive information and intelligence moves markets.

Our credibility

for delivering mission-critical information has been built over three decades. The quality and experience of MNI's team of analysts and reporters across America, Asia and Europe truly sets us apart. Our Markets team includes former fixed-income specialists, currency traders, economists and strategists, who are able to combine expertise on macro economics, financial markets, and political risk to give a comprehensive and holistic insight on global markets.
  • Canadian rates see sizeable outperformance to the US from the Mar'23 onward e.g. BAZ3 -0.045 vs EDZ3 -0.11.
  • Nevertheless, yields are still up from yesterday across the curve, maintaining a Dec'22 peak roughly consistent with a policy rate of 4% (i.e. 75bp more hikes over two meetings left this year).
  • Macro drivers for outperformance: i) the July GDP beat was offset by a weak August flash, ii) the SEPH report for July showed signs of cooling labour demand as the vacancy rate fell 0.4pts to 5.4% (April peak 6.0%) and iii) the CFIB barometer showed a further decline in the outlook along with price and job plans.