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The Canadian Dollar stumbled against the Greenback on Thursday. Canada and US PMIs gave a soft print in July. US NFP looms large on Friday, markets hoping for continued softening. The Canadian Dollar (CAD) tripped and fell against the US Dollar (USD) on Thursday after a misprint in Purchasing Managers Index (PMI) figures flashed warning signs of lurking recession risk in the data, sparking a fresh round of risk-off market sentiment. Market flows reversed direction as investors pulled out of alpha-seeking instruments and piled into safe-haven assets like the Greenback. Canada will fall by the wayside as economic data remains limited until next week’s Canadian labor figures, and markets will be entirely focused on this Friday’s upcoming US Nonfarm Payrolls (NFP).  Markets continue to walk along an incredibly sharp knife edge of hoping for bad economic data that will kick off a rate-cutting cycle from the Federal Reserve (Fed), but not so bad that a broad economic slowdown might render rate cuts pointless. Daily digest market movers: Canadian Dollar loses market focus as US data dominates July’s Canadian S&P Global Manufacturing PMI tumbled to a seven-month low of 47.8 from the previous 49.3 as Canadian manufacturing activity continues to decline. The US ISM Manufacturing PMI for the same period also declined to an eight-month low of 46.8 from the previous 48.5, entirely missing the forecast uptick to 48.8 and reigniting concerns of a “hard landing” economic scenario. US ISM Manufacturing Prices Paid also accelerated again in July, rising to 52.9 from the previous 52.1 and reversing the forecast move down to 51.8 as inflationary pressures at the front end of the input cycle continue to churn. US Initial Jobless Claims also rose more than expected for the week ended July 26, rising to 249K week-on-week compared to the previous 235K,…

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Filed under: News - @ August 1, 2024 10:20 pm