Markit Manufacturing PMI rises to 56 in September vs. 54.1 expected

  • Markit Manufacturing PMI in Canada rose more than expected in September.
  • USD/CAD trades in the negative territory near 1.3300 after the data.

The economic activity in Canada’s manufacturing sector expanded at a stronger pace in September than it did in August with the IHS Markit’s Manufacturing PMI rising to 56 from 55.1. This reading beat the market expectation of 54.1.

Commenting on the report, “overall, the health of the Canadian manufacturing sector continued to strengthen in September, as has been the case throughout the third quarter,” said Shreeya Patel, Economist at IHS Markit. “Conditions improved at the fastest pace in over two years, helped by a solid upturn in manufacturing sales at both domestic and foreign clients.”

Market reaction 

The USD/CAD pair edged slightly lower after this data and was last seen losing 0.16% on the day at 1.3298.