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What to watch (2/2)

  • In addition, the Bank of Canada is due to release it's policy decision today. Analysts unanimously expect the BOC to commence the hiking cycle with a 25bp hike while markets are not quite fully pricing the hike after yesterday's STIR rally. Potential market implications are hard to gauge when approaching the meeting with such a fluid market environment but the size of the rally in rates on Tuesday could leave even broadly-as-expected guidance being treated as if it was hawkish. For the full MNI BOC preview click here.
  • We also are due to receive German unemployment data and Eurozone HICP data. The latter is likely to see an upside surprise after the national prints released so far, but those were largely ignored by markets given the scale of the FI rally. In the US, ADP employment will be the data highlight.

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