• Canadian Manufacturing PMI rose slightly to 56.6 in February. 
  • The loonie didn’t react and is more focused right now on surging crude oil prices. 

Canadian Manufacturing PMI rose slightly to 56.6 in February, indicating continued robust growth in the manufacturing sector. That marked a slight gain from January’s 56.2 reading and was a little above expectation for 56.4. “Growth was underpinned by a quicker expansion in output, following sharp uplifts to headcounts and supportive domestic demand conditions,” said an economist IHS Markit in a statement. “For now,” they continued, “businesses in Canada are coping with external pressures, but issues surrounding rising costs and supply are likely to persist for the duration of the year,”

Market Reaction

The loonie did not react to the latest data, with focus much more on surging crude oil prices as fears about Russia supply disruptions grow. 

This article was originally published by Fxstreet.com.Read the original article here.

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