Daily digest market movers: USD/CAD consolidates gains as US data casts doubt on Fed easing plans
- Canadian Dollar is losing ground for the second consecutive day and has given back half of the ground taken last week.
- US Factory Orders increased 1.4% in February, following a 3.8% decline in January and beating expectations of a 1% gain.
- At the same time, the US Bureau of Labor Statistics revealed that JOLTS Job Openings increased by 8.756 million in February from 8.748 million in January, above the market consensus of 8.74 million.
- On Monday, the US ISM Manufacturing PMI 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, and a positive contribution to inflationary trends.
- Oil prices have reached levels beyond $85 for the first time since October. This is cushioning the Canadian Dollar’s reversal.
- Later today the Federal Reserve’s Williams and Mester, both on the hawkish side of the spectrum, will meet the press. The highlight of the week, however, is Friday’s Nonfarm Payrolls report.
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