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Trimming Of Cut Expectations Held At Early Close

CANADA
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  • CORRA 3mth futures traded 2.5 ticks cheaper for late 2024 and up to 5/5.5 ticks cheaper out in late 2025 contracts and beyond at the early close ahead of Victoria Day on Monday. The session has been light for drivers.
  • The 63bp of cuts across 2024 contracts has seen modest push back towards the 60bp prior to Wednesday’s US CPI and retail sales spillover after initially dovish reaction, and holds clearly away from the 69bp of cuts prior to last week’s strong Canadian jobs report.
  • CAD CPI is in focus on Tuesday, in one of the last main releases before the Jun 5 decision, currently seen with circa 11bp of cuts priced.
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  • CORRA 3mth futures traded 2.5 ticks cheaper for late 2024 and up to 5/5.5 ticks cheaper out in late 2025 contracts and beyond at the early close ahead of Victoria Day on Monday. The session has been light for drivers.
  • The 63bp of cuts across 2024 contracts has seen modest push back towards the 60bp prior to Wednesday’s US CPI and retail sales spillover after initially dovish reaction, and holds clearly away from the 69bp of cuts prior to last week’s strong Canadian jobs report.
  • CAD CPI is in focus on Tuesday, in one of the last main releases before the Jun 5 decision, currently seen with circa 11bp of cuts priced.