- The S&P Global Manufacturing PMI for Canada rebounded above 50 in April.
- USD/CAD remains in the daily range around 1.3550.
Business activity in the Canadian manufacturing sector grew at a moderate pace in April, with an improvement in the S&P Global Manufacturing PMI up to 50.2 from 48.6 in March. This reading was below market expectations, which had expected a 50.5.
Paul Smith, Director of Economics at S&P Global Market Intelligence, noted that “although the Canadian manufacturing sector returned to growth in April, it did so only marginally, and the underlying data suggests that the recovery remains on shaky ground.”
“Production and employment growth was sustained, but the further drop in new orders is probably the most notable development,” Smith added. “Customers are hesitant in their spending decisions, unsure about the direction of the economy at a time when prices remain high.”
Market reaction
He USD/CAD It showed no immediate reaction to this report and was last seen trading modestly higher at 1.3558.
2023-05-01 14:31:32
#Canada #Global #PMI #improves #April #expected
