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CANADA FX DEBT-Canadian dollar rallies, bond yields jump on Ottawa’s spending forecast

Published on July 9, 2020

“Clearly the initial rally was supported by global risk appetite,” said Karl Schamotta, Chief Market Strategist at Cambridge Global Payments. “But it also looks like the larger than expected expansion in spending by the federal government in
Canada helped to drive that further.”

Read the article here.

‘Death Cross’ strikes U.S. dollar as COVID-19 cases grow

Published on Financial Post July 8, 2020

“If we look at the idea of American exceptionalism, that has dimmed dramatically during this crisis,” said Karl Schamotta, Chief Market Strategist at Cambridge Global Payments. “Growth differentials are tilting against the United States, putting the dollar on the defensive.”

Read the article here.

Risk-on move dents dollar; yuan notches best day since December

Published on Reuters July 6, 2020

“Clearly we have an improvement in global risk appetite. And I would pin the blame for that on Chinese regulators who appear to have encouraged the national team in the markets, and really helped to drive a big spike in equity indices,” said Karl Schamotta, chief market strategist at Cambridge Global Payments.

Read the article here.

Coronavirus Costs Canada a Triple-A Rating

Published on New news source June 25, 2020

Karl Schamotta, chief market strategist at Cambridge Global Payments, said demand for safe assets, such as those from Canada, remains “incredibly high — meaning that ratings changes are unlikely to push yields any higher.” The yield on the 10-year government of Canada bond is just above 0.5%, or down nearly a percentage point from trading late last year.

Read the article here.

Inflation rate fell to -0.4% in May as COVID-19 continued to wallop Canada’s economy

Published on CBC June 17, 2020

“Prices edged slightly further into the abyss of outright deflation,” market strategist Don Curren with Cambridge Global Payments said. “If deflationary trends gain momentum … they could become problematic for the economy.”

Read the article here.

Time to rethink how Canadian inflation is calculated: Market strategist

Published on BNN Bloomberg June 17, 2020

Canada’s inflation rate last month was up just 0.3 per cent from April, and still showing a drop from a year ago. Karl Schamotta, Chief Market Strategist at Cambridge Global Payments, says buying patterns have changed so dramatically during the COVID-19 pandemic that current CPI methodology is not providing a clear picture of underlying price pressures. On the Canadian economy as a whole, Schamotta forecasts GDP growth of five percent in 2021, saying Canada will be a “beacon of investment for the rest of the world.”

U.S. retail sales bounced back by record 17% in May from April’s low

Published on CBC June 16, 2020

“With fear of a second wave of infections putting limits on household activity, and stepped-up unemployment benefits, Economic Impact Payments and the small-business Paycheck Protection Program all set to expire in coming weeks, the economy’s gains remain vulnerable,” said Karl Schamotta, Chief Market Strategist at Cambridge Global Payments, to CBC News.

Read the article here.

What happens when fiscal stimulus dries up?

Published on Wealth Professional Canada June 16, 2020

“The market was more or less primed for this as of Monday and Tuesday last week as relative strength indicators on the S&P500 and on global indices hit levels that had never been seen before, indicating that the market for risk assets had been ‘overbought’,” said Sean Coakley, Market Strategist for Cambridge Global Payments, to WP.

Read the article here.

Canadian dollar posts 3-month high as Fed promises economic support

Published on Financial Post June 10, 2020

“That suggests that monetary policy conditions are going to remain easy on a global basis and that is positive for high beta currencies like the Canadian dollar,” said Karl Schamotta, Chief Market Strategist at Cambridge Global Payments.

Read the Financial Post article here.

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Craig Killaby

Corporate FX Dealer

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