Daily digest market movers: USD/CAD dives as services activity data disappoints
- Later on Wednesday, Fed Chair Jerome Powell will speak about the US economic outlook and might shed some light on the central bank’s monetary policy plans.
- Canadian Dollar regained lost ground on Wednesday with the USD under pressure ahead of Fed Powell’s speech.
- US ISM Services PMI dropped to 51.4 in March from 52.6 in February against market expectations of a slight increase to 52.7.
- The ISM Prices Paid sub-index has dropped to 53.4, its lowest level in years, from 58.6 in February and 64 in January. This signals a disinflationary contribution to the economy.
- Earlier on Wednesday, the US ADP Employment Report showed an increase of 184,000 new payrolls in March from 155,000 in February. The market had forecasted a decline to 148,000.
- Atlanta Fed President Raphael Bostic struck a hawkish note on Wednesday suggesting that rate cuts might not arrive after the Q4.
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