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The Canadian government bonds gained Tuesday as crude oil prices declined more than 1 percent on receding hopes for imminent action to tackle a supply glut.
The yield on the benchmark 10-year bond, which moves inversely to its price, fell 2 basis points to 1.045 percent, the yield on long-term 30-year note dipped 1-1/2 basis points to 1.647 percent and the yield on short-term 2-year bond slid nearly 1 basis point to 0.585 percent by 12:30 GMT.
The Canadian bonds have been closely following developments in oil markets because of their impact on inflation expectations, which are well below the Bank of Canada's target. Crude oil prices declined, falling towards $47 a barrel mark, as top producers failed to take imminent action to restrain supply glut. The International benchmark Brent futures fell 1.22 percent to $47.05 and West Texas Intermediate (WTI) rose 0.18 percent to $44.52 by 12:30 GMT.
According to Reuters, the Bank of Canada will likely keep interest rates unchanged for even longer than had been anticipated as a lack of momentum in the economy has prompted analysts to push further their expectations for a hike to 2018, a Reuters poll found. The central bank is unanimously expected to hold rates at 0.50 percent when it makes its next policy announcement September 7.
According to the median forecast of 35 economists, the central bank is now likely to wait until the first quarter of 2018 before hiking rates to 0.75 percent. It had earlier been forecast in a July poll to raise rates in the final quarter of 2017, they added.
Lastly, Canadian stocks may struggle to continue its winning track Tuesday morning amid sluggish commodities after a long weekend.
The S&P/TSX Composite Index rose 0.76 percent at the close of the trading session to 14,795.70 on Friday.
