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USDCAD Climbs Slightly After US Markit Flash PMI Improves in August

USDCAD Climbs Slightly After US Markit Flash PMI Improves in August

Tzu-Wen Chen, Technical Strategist

THE TAKEAWAY: [Markit PMI shows U.S. manufacturing expansion improved slightly in August] > [Manufacturing ‘sluggish’ as global slowdown restrains demand for U.S. goods] > [USDCAD strengthens]

U.S. manufacturing activity expanded in August at a slightly faster pace than the previous month, though the industry continues to struggle amid weaker global conditions and muted domestic spending. A report released today by the London-based Markit group showed that its Markit Economics index of U.S. manufacturing rose to 51.9 in August from 51.4 a month earlier. A reading above 50 in the purchasing managers’ measure indicates expansion. The median forecast of economists surveyed by Bloomberg News had called for a preliminary reading of 51.5 in August.

A slowdown in global economic activity, particularly in Europe and China, continues to dampen demand for American goods and weaken U.S. business conditions. Furthermore, sustained weakness in the labor market is restraining consumer spending, which accounts for around 70 percent of the economy.

USDCAD 1-minute Chart: August 23, 2012

USDCAD_Climbs_Slightly_After_US_Markit_Flash_PMI_Improves_in_August___body_Picture_1.png, USDCAD Climbs Slightly After US Markit Flash PMI Improves in August

Chart created using Market Scope – Prepared by Tzu-Wen Chen

In the minutes after release of the Markit flash PMI reading, the U.S. dollar rose slightly against the loonie, trimming earlier declines that had followed worse-than-expected U.S. jobless claims figures. At the time this report was written, the USDCAD pair was trading at C$0.9911.

--- Written by Tzu-Wen Chen, DailyFX Research

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