Daily digest market movers: USD/CAD bounces up on bright US data
- Canadian Dollar trades lower on Monday with the US Dollar favoured by upbeat US macroeconomic data.
- US ISM Manufacturing PMI has increased to 50.3 in March from 47.8 in February, beating market expectations of a 48.4 reading.
- Prices Paid in the manufacturing sector have surged to 55.8, their highest level since July 2022.
- Canadian S&P Manufacturing PMI has ticked up to 49.8 from 49.7 in February.
- Oil prices have pulled back from YTD highs at $83.65, which has added negative pressure to the commodity-linked CAD.
- On Friday, US PCE Prices Index grew at a 0.3% monthly pace in February, 2.5% YoY. The market was expecting a 0.4% monthly increase.
- US Consumer spending jumped 0.8% in February from 0.2% in January, well above the 0.5% increase anticipated by market experts.
- This week a slew of Fed speakers are likely to give further hints regarding the monetary policy outlook ahead of Friday’s Nonfarm Payrolls report.
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