- Prior was 47.7
This isn't great but for all the tariffs, it's also not that bad either. There has been a slow recovery since Trump started with the tariffs.
USD/CAD is up 51 pips to 1.4061 today with the loonie among the G10 worst performers.
Commenting on the latest survey results, Paul Smith, Economics Director at S&P Global Market Intelligence said:
“October’s survey pointed to a relative improvement in the performance of Canada’s manufacturing sector. Although operating conditions continued to deteriorate, they did so only fractionally as both production and new orders moved towards stabilisation. Moreover, firms are hopeful that these positive signs will be built upon in the year ahead, with sentiment improving to a nine-month high.
“But the outlook remains highly uncertain, with the ongoing volatility in trade negotiations between Canada and the US only serving to highlight the difficulties that firms continue to face when trying to plan in such an unstable business environment. “Inevitably firms therefore remain cautious in their staffing and purchasing decisions, signalling a preference for not replacing leavers and using existing resources and stocks wherever possible.”
