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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.
CANADA
- BoC-dated OIS currently sits with a little under +20bps priced for the Jul 12 BoC decision in just five weeks before an almost two-month break until Sep 6.
- It comes on Governing Council’s view that mon pol was not sufficiently restrictive to bring supply and demand back into balance, something a 25bp hike in isolation is unlikely to change materially.
- It has seen BAX implied yields surge on unusually high volumes, with the front Jun’23 +13bps, Dec’23 +21.5bps and Jun’24 +24bps.
- The BAM3/Z3 spread has increased to +28.5bps (nudging highs since the Dec’23 contract started trading in Dec’20) from +14bps after payrolls on Friday and negative as recently as mid-May. The BAM3/Z4 meanwhile narrows to -81.5bp for its highest since October.
- The five-week gap to the next BoC meeting is packed with important releases, with two labour reports (first lands on Fri), one CPI report, monthly GDP and quarterly business and consumer surveys.
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.
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