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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
- BAX futures are off lows but still see sizeable US data-induced losses, with the front Sep’23 -0.065, Dec’23 -0.105 and building to -0.15 declines out in 2H24. The BAU3/Z4 of -88bps entertains the tightest sustained spreads since November.
- The spillover comes from surprisingly strong US GDP revisions for Q1 and a surprise drop in initial jobless claims, with the magnitude of note considering the Dec’23 sold off circa 5 ticks when CAD GDP beat expectations for Q1 with 3.1% vs cons 2.5% back on May 31.
- It comes ahead of tomorrow’s monthly GDP release, with consensus for 0.2% for the finalized April print (as per the advance release) and with analysts then implying little growth for the May advance with a headwind from a -0.4% M/M drop in hours worked.
- Ahead of tomorrow’s GDP release, then followed by the equally important BoC surveys, OIS is back pricing circa +17bps for the Jul 12 decision, back where it was before softer than expected CAD CPI on Tue.
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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