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Ivey PMI Slide Faded By Markets

CANADA DATA
  • The Ivey PMI fell back from 60.1 to 51.6 in Feb to almost fully unwind the spike higher in Jan, with the reversal following last week's weaker than expected Q4 GDP print.
  • The volatile survey has limited impact on markets with USDCAD ~15 pips off session highs and GoC yields back close to Friday's close (or slightly above for the 2Y) having reversed a bid after the open.
  • Local attention is on the BoC decision on Wed - widely expected to hold at 4.5% - with little else scheduled before then, although Powell's appearance tomorrow could see notable spillover.
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