Canada’s turn for an upside inflation surprise
Most market action has been in US equities with the bounce back in tech stocks, particularly NVIDIA. But the other surprise was Canadian inflation, which NAB’s Taylor Nugent says removes the reasoning for the bank of Canada to keep cutting rates in July.
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Show Notes
Wednesday 26th June 2024
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Canada’s inflation came in hotter than expected in May and that’s pushed up Canadian bond yields overnight, but there’s been limited reaction to that – or anything really – on currency markets. NAB’s Taylor Nugent says the print has pushed back expectations for the Bank of Canada to cut again in July. What happens next depends on the data. We get more Australian data today, with the CPI print for May and a speech by the RBA’s Chrisopher Kent.
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