Prior was 47.7
This isn’t great but for all the tariffs, it’s also not that bad either. There has been a slow recovery since Trump started with the tariffs.
USD/CAD is up 51 pips to 1.4061 today with the loonie among the G10 worst performers.
Commenting on the latest survey results, Paul Smith,
Economics Director at S&P Global Market Intelligence
said:
“October’s survey pointed to a relative improvement
in the performance of Canada’s manufacturing sector.
Although operating conditions continued to deteriorate,
they did so only fractionally as both production and
new orders moved towards stabilisation. Moreover,
firms are hopeful that these positive signs will be built
upon in the year ahead, with sentiment improving to a
nine-month high.
“But the outlook remains highly uncertain, with the
ongoing volatility in trade negotiations between Canada
and the US only serving to highlight the difficulties that
firms continue to face when trying to plan in such an
unstable business environment.
“Inevitably firms therefore remain cautious in their
staffing and purchasing decisions, signalling a
preference for not replacing leavers and using existing
resources and stocks wherever possible.”
This article was written by Adam Button at investinglive.com.