USD/CAD marches steady around 1.2880, after US manufacturing data By christianborjon USDCAD Majors Macroeconomics UnitedStates Canada
Canada’s May GDP contracted by 0.2%, on its preliminary reading, a headwind for the CAD.USD/CAD
pares some of Thursday’s losses after reaching a weekly high of around 1.2960s but retraced below 1.2900 as the greenback weakened ahead into a long weekend, courtesy of the US Independence day. At 1.2882, the USD/CAD records minimal gains of 0.08% and finishes the week with losses of 0.09%.US equities finished with solid gains after the S&P 500 slumped by 20% since its peak in 2022.
On the US front, June’s Consumer Confidence reported by the Conference Board, downtick towards 98.7, missing expectations of 100.4, and trailed May’s 103.2. Furthermore, US inflation, as measured by the Personal Consumption Expenditure , and the Fed’s favorite gauge of inflation for May, rose by 6.3% YoY, lower than the 6.7% estimated. Meanwhile, the so-called core PCE, excluding volatile items, rose by 4.7% YoY, lower than foreseen and less than April’s 4.9%.
The week ahead, the Canadian economic calendar will feature S&P Global Manufacturing PMIs and Employment data. On the US front, the docket will reveal the ISN Non-Manufacturing PMI for June, the US Federal Reserve’s last meeting minutes, and the US
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