Canada: Ivey PMI declines unexpectedly to 48.6 in July vs. 52.7 expected
|- Loonie remains among the worst performers on Friday after another economic report below expectations.
- Ivey Purchasing Maanger’s Index falls to 48.6 in July from 50.2 in June.
- USD/CAD marginally higher for the day, around 1.3360, unable to profit from a weaker US Dollar.
The Canadian Ivey Purchasing Manager’s Index (PMI) fell in July to 48.6 from 50.2, a reading worse than the market consensus of 52.7. The Ivey Employment Index fell from 57.6 to 54.2 and the Price Index rebounded from 60.6 to 65.1. Earlier on Friday, the Canadian jobs report showed a decline in jobs during July.
Market reaction:
The Loonie is one of the worst-performing currencies on Friday, in response to the Canadian jobs report. The USD/CAD pair is slightly higher but far from the daily highs, primarily due to a general decline in the US Dollar following the release of the Nonfarm Payrolls. Currently, the pair is hovering around 1.3365, having been rejected from levels below 1.3350.
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