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USDCAD Mixed After US Markit PMI Remains Little Changed in August

USDCAD Mixed After US Markit PMI Remains Little Changed in August

Tzu-Wen Chen, Technical Strategist

THE TAKEAWAY: [U.S. Markit PMI shows manufacturing expansion little changed in August] > [Global slowdown continues to restrain demand for U.S. goods] > [USDCAD mixed]

Manufacturing in the U.S. expanded at a slower-than-expected pace in August, remaining near recent lows as new export orders and factory output continued to contract. A report released today by the London-based Markit group showed that its key business activity index was little changed at 51.5 August from 51.4 the previous month. A reading above 50 in the purchasing managers’ measure indicates expansion. Economists surveyed by Bloomberg News had expected the final reading for August to remain unchanged from an initial reading of 51.9.

Weaker global conditions, particularly in Europe and China, continue to restrain demand for American goods and weaken U.S. business conditions. Meanwhile, consumer spending, which accounts for around 70 percent of the economy, remains muted amid ongoing weakness in the labor market and subdued wage growth.

The Institute for Supply Management (ISM) will publish its own manufacturing survey later this morning. Last month the ISM reported a second month of contraction in manufacturing activity. Economists are expecting the ISM survey to show stagnated activity in August.

USDCAD 1-minute Chart: September 4, 2012

USDCAD_Mixed_After_US_Markit_PMI_Remains_Little_Changed_in_August___body_Picture_5.png, USDCAD Mixed After US Markit PMI Remains Little Changed in August

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

Trading of the U.S. dollar was mixed in the minutes following the release of the Markit PMI report. After initially strengthening against the loonie, the greenback quickly erased gains, tumbling to a low of C$0.9844. This volatility continued, with the U.S. dollar bouncing back above pre-data levels. At the time this report was written, the USDCAD pair was trading at C$0.9849

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

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

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