Daily digest market movers: USD/CAD falls back into range after ISM PMI miss

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  • Canada’s S&P Global Manufacturing PMI for February printed at 49.7 compared to the previous 48.3, an improvement but still in contraction territory below 50.0.
  • The US ISM Manufacturing PMI for February fell to 47.8 versus the forecasted uptick to 49.5 from 49.1.
  • ISM Manufacturing PMI: declines to 47.8 in February vs. 49.5 expected.
  • The University of Michigan Consumer Sentiment survey index also eased to 76.9 in February, down from the forecast of a hold at the previous 79.6.
  • ISM Manufacturing Prices Paid also ticked lower to 52.5, down from the 53.0 forecast and the previous month’s 52.9.
  • Easing data is sparking investor risk appetite as inflation figures up  odds of a Federal Reserve (Fed) rate cut.
  • Fed’s Monetary Policy Report: Inflation expectations are broadly consistent with 2% goal

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