Daily digest market movers: Canadian Dollar steps up on softer Greenback
- US PMIs softened unexpectedly on Tuesday. The S&P Global Manufacturing PMI came in at 49.9, dropping below the 50.0 level for the first time in four months.
- The Services PMI component also shed weight, printing at 50.9 versus the previous 51.7.
- Despite a weaker US Dollar, the Canadian Dollar is mixed against the broader major currency boards as declining Crude Oil prices hobble the CAD’s stance.
- Wednesday’s Canadian Retail Sales for February are expected to recover to 0.1% from the previous month’s -0.3%.
- Canadian Retail Sales Excluding Automobiles are expected to hold flat at 0.0% compared to January’s 0.5%.
- US annualized quarterly GDP on Thursday is forecast to tick down to 2.5% from the previous 3.4%.
- Friday’s US Core PCE Price Index for March is expected to hold steady at 0.3%.
- According to the CME’s FedWatch Tool, rate markets are pricing in a 70% chance of at least a 25 basis point rate cut from the Fed in September.
Disclaimer: The content above represents only the views of the author or guest. It does not represent any views or positions of FOLLOWME and does not mean that FOLLOWME agrees with its statement or description, nor does it constitute any investment advice. For all actions taken by visitors based on information provided by the FOLLOWME community, the community does not assume any form of liability unless otherwise expressly promised in writing.
FOLLOWME Trading Community Website: https://www.followme.com
If you like, reward to support.
Hot
No comment on record. Start new comment.