MNI: PBOC Net Injects CNY28.8 Bln via OMO Thursday

MNI: PBOC Sets Yuan Parity Higher At 7.1854 Thurs; -1.13% Y/Y

MNI BRIEF: Ontario To Cut U.S. Energy Flows When Tariffs Hit

MNI: BRAZIL'S COPOM RAISES SELIC RATE BY 100BPS TO 12.25%

MNI BRIEF: US Budget Deficit $367B In Nov; FYTD Record $624B

MNI China Daily Summary: Wednesday, December 11

MNI: SWEDEN FINAL NOV CPIF +1.8% Y/Y

MNI:AUSTRALIA NOV UNEMPLOYMENT RATE +3.9%

MNI: US NOV TREASURY BUDGET -$366.8B

MNI EXCLUSIVE: EU-Mercosur Deal Close, But Likely Short-Lived - Officials

AUSTRALIA: 2025 Election Outcome Looking More Uncertain According To Newspoll

© 1982-2024 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

USDCAD Extends Decline On CAD GDP Beat But CAD Still Lags Peers

CANADA
  • USDCAD has touched a session low of 1.3807, which it continues to hover near for now, on the combination of stronger than expected Canadian GDP growth and softer US employment costs.
  • Real GDP increased 0.2% M/M in May vs cons 0.1 and the June advance surprisingly indicated a 0.1% M/M increase. It leaves monthly industry-based GDP growth on track for 2.2% annualized in Q2 vs the BoC’s recent forecast of 1.5%.
  • The combination helps pull the pair further away from what had looked increasingly stretched recent increases but it remains off support at 1.3797 (Jul 25 low).
  • However, the additional USD weakness since the releases sees CAD still lag other high beta peers on the day (excluding AUD after soft core CPI overnight) as BoC dovishness continues to weigh.
  • BoC-dated OIS dated has firmed only fractionally to 22bp of cuts for the September meeting and crudely between 56-58bps to year-end (on top of the 50bps seen to date).
Homepagemarkets-real-timeBulletMarketsForeign Exchange Bullets
Homepagemarkets-real-timeBulletMarketsForeign Exchange Bullets

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.