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USDCAD TECHS

Heading North

GLOBAL POLITICAL RISK

Modi, AMLO Top Major Economy Leader Poll, Macron Last

AUDUSD TECHS

Under Pressure

EURJPY TECHS

Trend Condition Remains Bearish

BOE
BOE: RBC changed its BoE call yesterday and now looks for negative rates in its
base case.
- They look for GBP200bln QE expansion in June .
- Because of the long-lasting weakness in the labour market they argue QE alone
will not be enough.
- They therefore look for negative rates in H2 2020 - citing November as most
likely - with a -0.15% rate.
- RBC expects negative rates to be introduced along with tiering and a
longer-term liquidity measure. They note that with these "implementation
aspects" there could be "significant ramifications for market pricing".