Canada April producer price index -0.8% m/m vs -0.5% expected

• Prior was +0.5%)
• PPI y/y % vs 4.7% prior
• Raw materials price index -3.0% m/m vs -1.0% prior
• Raw materials price index -3.6% y/y vs +3.9% prior

The odds of a June Bank of Canada rate cut were at 32% before this report.