- Canada’s global manufacturing PMI falls in July.
- USD/CAD is holding on to small daily gains above 1.2850.
Business activity in the manufacturing sector Canada it expanded at a softer pace in July than in June, with the S&P Global Manufacturing PMI falling to 52.5 from 54.6. This data was lower than market expectations of 55.7.
According to Shreeya Patel, an economist at S&P Global Market Intelligence, the latest PMI data revealed another slowdown in operating conditions in Canada’s manufacturing sector, “with the PMI at its lowest point in just over two years.” She explained that the factors that explain this latest setback are the contractions in both production and new orders, which fell for the first time since the pandemic began in the first half of 2020.
The USD/CAD pair did not have much of a reaction and remained trading around 1.2870, in positive territory.
Source: Fx Street
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