- Canada’s S&P Global Manufacturing PMI disappointed market expectations in June.
- The USD/CAD pair is still trading slightly above 1.2850 after the data.
Business activity in Canada’s manufacturing sector expanded at a softer pace in June than in May, with Canada’s S&P Global Manufacturing PMI falling to 54.6 from 56.8. This data was weaker than the market expectation of 56.6.
Commenting on the data, “there were signs of difficulty in Canada’s manufacturing sector in June,” said Shreeya Patel, an economist at S&P Global Market Intelligence.
“The PMI fell to the lowest level of the last 17 months, amid a softer increase in production, new orders, purchases and employment,” added Patel. “Global supply issues and heavy price pressures were at the heart of the problem, and are expected to continue to disrupt the manufacturing economy this year.”
market reaction
The pair USD/CAD He showed no immediate reaction to these comments and was last seen losing 0.17% on the day at 1.2860.
Source: Fx Street
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