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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.
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Free AccessUSDCAD Stubbornly Rangebound
- USDCAD sits +0.2% at 1.284 towards the top of the 1.28-1.2850 range it’s largely stuck to over the past two days despite beats for US retail sales yesterday and today’s Canadian CPI.
- The latter has helped push near-term BoC rate expectations higher, in part driving a re-widening in supportive Can-US yield differentials, but it wasn’t strong enough to outweigh today’s risk-off forces.
- Inflation is running extremely hot but isn’t seen enough to force the BoC to hike in larger than 50bp clips (Scotia, at the hawkish end of the sellside spectrum, see three further 50bp hikes before winding down to 25bp pace), which by tying in with the near-term Fed rate path likely leaves the pair at the whim of risk sentiment changes.
- Harker (’23 voter) could be of note later at 1600ET with likely first mon pol comments post-FOMC along with Canadian cost inflation and US housing data/Philly Fed tomorrow.
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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.