The RBA cut rate earlier today and the market is sensing that the Bank of Canada will continue to do the same. Their next meeting is June 4 and market pricing is now at 65% for a cut.
A big swing in that could come at the bottom of the hour with Canadian inflation data via the CPI report for April. The consensus is for a 0.2% m/m decline on the headline to knock the y/y all the way to 1.6% from 2.3%. What could keep the BOC sidelined is hotter core number with the median measure expected steady at 2.9% and trim forecast to tick up to 2.9% from 2.8%.
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