Canadian Ivey PMI data:
- Highest since Oct 2018
- Prior was 54.2
- Non-seasonally adjusted 58.6 vs 51.2
I could use this strong number to remind everyone that Canadian data has been sizzling hot for months but the Ivey PMI is a poor economic indicator and is rarely a strong hint about anything.
That said, USD/CAD is pressing to new lows as the market starts to wonder if the Bank of Canada will ever cut rates. The OIS market is now pricing in just a 24% chance of an October BOC rate cut, down from 62% before the BOC.
