Canadian manufacturing data
- Prior was 54.4
- Full report
One day I'll tell my grandchildren that Canada once had a strong and vibrant manufacturing sector. Nowadays you can't even get enough economists to care about this release to form a consensus estimate.
Commenting on the latest survey results, Shreeya Patel, Economist at IHS Markit, said:
"Latest PMI data highlights another solid improvement in the overall health and resilience of Canada's manufacturing sector. An improving domestic demand picture, greater purchasing activity and a sustained period of employment suggests firms expect greater output in the months ahead.
"That said, COVID-19 continues to pose its threats with severe transportation bottlenecks impacting the supply of inputs. As a result, firms faced sharper cost pressures which were consequently passed on to customers.
"Meanwhile, foreign demand for Canadian goods was relatively weak as international markets continue to face business closures amid restrictions.
"Nevertheless, Canada's manufacturing sector extended its uninterrupted sequence of expansion to eight months. Moreover, firms remain widely upbeat about their growth prospects with vaccination news underpinning optimism during February."
USD/CAD is down 64 pips to 1.2673 today in a decent recovery from Friday's tumble. This report had no discernible impact.
