Free Trial

Significant GoC Outperformance After Mixed Jobs Reports

CANADA
  • Booming US payrolls and a second month of falling Canadian employment, despite some analysts seeing it as a sign of hitting capacity constraints, has seen GoCs significantly outperform Tsys.
  • Offering further, marginal, support for this more recently was a sharp decline in the Ivey PMI from 62.2 to 49.6, the lowest since Dec’21 (Omicron restrictions) for what can be a volatile series.
  • Outperformance is seen across the curve (GoCs up 9-9.5bps through 2-10YY vs Tsys 17-14.5bps), which sees both 2Y and 10Y Can-US differentials back near recent lows at +2bps and -7bps.

To read the full story

Close

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.