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Solid Day's Rally For BAX Futures, BoC Minutes and GDP Next Week

CANADA
  • BAX futures are off highs seen in the hour after retail sales showed weak momentum at the end of Q1 (caveated by a low response rate) but nevertheless hold a solid rally on the day, in sizeable outperformance to US rates after the flash PMI beat.
  • The front Jun’23 yield has been trimmed 2bps to 4.995% whilst there are 8-9bp declines further out to end 2024, with both the Jun’23 and the Dec’23 currently on track for the lowest close since Apr 13.
  • The BAM3/Z3 time spread widens back to -0.38 off a mid-week low close of -0.225.
  • Next week’s highlights: BoC summary of deliberations Wed, monthly GDP for Feb/Mar advance Fri.

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