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Canadian Ivey PMI Soars to 6-month High; Loonie Remains Strong

Canadian Ivey PMI Soars to 6-month High; Loonie Remains Strong

2011-12-06 16:54:00
Trang Nguyen,

THE TAKEAWAY: Canadian Ivey Purchasing Managers Index unexpectedly jump > Ivey Inventories Index and Price Index Climbed > Canadian Dollar Remains the Best Performer among Major Currencies.

Canadian Ivey Purchasing Managers Index (PMI)surprisingly climbed to the highest level in six months in November, reflecting faster pace of economic expansion and business optimism in the intermediate future. The Purchasing Management Association of Canada and the Richard Ivey School of Business jointly reported today that the Ivey PMI,a barometer ofmonth-to-month changes in purchases by corporate executives, rises to 59.9 on a seasonally adjusted basis in November from 54.4 in October. The value is close to the corresponding figure of 60 for November 2010. The reading also beat consensus forecasts as economists survey by the Bloomberg News had predicted for the print of 55.5.

U.S. Monthly Factory Orders Change: June 2010 to Present

120611_Canada_Ivey_Purchasing_Managers_Index_November_body_x0000_i1026.png, Canadian Ivey PMI Soars to 6-month High; Loonie Remains Strong

Prepared by Trang Nguyen

November Ivey Purchasing Index surged more than median forecasts due to significant gains in Inventories Index and Prices Index. Figures over 50 indicate expansions in executive purchases in the month, otherwise values under 50 signify contractions. Inventories Index for November mounted up to two-year high level of 61.3 from 51.5 in October. Inventories speeded up in the month since businesses have increased production in response to growing demand for their goods in the holiday shopping season. Prices Index continues its upward trend since May 2011, climbing to 68.1 compared to 63.9 in October and 61.9 in September, partly triggered by persistent strength of Canadian dollar. Besides, Ivey Supplier Deliveries Index improved to 44.8 compared to 44.3, still below 50-level, though. On the other hand, Ivey Employment Index for November dropped below 50-territory for the second time this year and stood at 49.4, indicating that employment deteriorated from the preceding month.

USD/CAD 1-minute Chart: December 6, 2011

120611_Canada_Ivey_Purchasing_Managers_Index_November_body_Picture_1.png, Canadian Ivey PMI Soars to 6-month High; Loonie Remains Strong

Charts created using Strategy Trader– Prepared by Trang Nguyen

Canadian dollar immediately gained its ground versus a basket of currencies after 9:00 Eastern Time today when the Bank of Canada announced to keep its benchmark interest rates at ultra-low levels for a while longer to encourage investment and spending. Following the positive Ivey PMI report released one hour later, the loonie remained to be the best performer in the North American trading session. As can be seen from the 1-minute USD/CAD chart above, the currency pair traded in a narrow range from 1.0120 to 1.0140. However, the loonie somewhat trimmed gain versus the dollar after forty-five minutes, traded at C$1.0138 per greenback. At the time this report was written, the Canadian dollar also appreciates 0.86 percent versus the Australian dollar and strengthens 1.07 percent against the Swiss Franc.

--- Written by Trang Nguyen, DailyFX Research Team for DailyFX.com

To contact Trang, email tnguyen@dailyfx.com

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.


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