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PMI New Orders Contract For First Time In Two Years, Weaker US Demand

CANADA
  • The headline fell from 54.6 to 52.5 (no consensus) but it masks new orders falling into contraction territory from 52.8 to 48.8 – both lows since June 2020.
  • On sales to foreign markets falling (i.e. below 50) for the second month in a row, “anecdotal evidence pointed to weaker demand from the American market.”
  • “On the price front, sharp cost pressures continued to mount with higher material, foodstuff and transportation costs” with same pass through to selling prices to protect profit margins.”
  • "That said, the rates of input cost and output price inflation eased to five-month lows in both cases”.
  • Despite contracting orders, “in the meantime, firms remain cautiously optimistic about their 12-month outlook for output.”
  • USDCAD has firmed 15pips since the release but CAD continues to perform well compared to other high beta majors, up just 0.15% at 1.2865, whilst little impact on GoCs.

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