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Canadian Dollar: Rates reaction follows GDP – TD Securities
TD Securities Macro Research Insight notes that markets began to sell off again following the flat July Canadian GDP print, despite its underwhelming nature. The move is concentrated in the front to mid-curve, with Bank of Canada (BoC) pricing unchanged and US yields near key technical levels.
Front-end curve under pressure
"While we disagree with the fundamentals of selling-off on such an underwhelming print, the reaction is consistent with recent positioning washouts."
"The move is predominantly focused in the front to mid-part of the curve, as BoC pricing remains unchanged post-print."
"The cross-market move was additionally subdued, as US yields hover around key technical levels."
"We continue to be biased toward 1y5y-1y2y steepeners for a front-end view, and cautiously adding 2-year long positions."
(This article was created with the help of an Artificial Intelligence tool and reviewed by an editor. Know more.)
Top Articles
1British Pound slips to 1.32 as 2004-era US yields lift the US Dollar2BoE’s Taylor says prolonged energy shock could cement case for hikes3Euro falls to three-month low as hawkish Fed outlook weighs4Canada: GDP growth moderates in July but stays on track for solid quarter – NBC5Canadian Dollar: Rates reaction follows GDP – TD Securities6India rates: Gradual hiking path – Standard Chartered7Pump.fun Price Forecast: PUMP breakout gains momentum amid elevated platform revenue8Australian Dollar falls below 0.7000 as RBA hike fails to convince bulls9Canadian Dollar remains under pressure after flat GDP reading
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