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August 21st, a survey showed on Thursday. British businesses had their strongest month in a year, driven by a rebound in the services sector. The preliminary S&P Global UK Composite PMI for August rose to 53.0, the highest since August last year, while market expectations only predicted a slight increase to 51.6. Chris Williamson, chief business economist at S&P Global Market Intelligence, said that after a sluggish spring, the pace of economic growth accelerated in the summer. "However, survey results from order books show that the demand environment remains uneven and fragile. Businesses reported that they are concerned about the impact of recent government policy changes and are also uneasy about broader geopolitical uncertainties." The services PMI rose to 53.6, but the manufacturing PMI fell to 47.3, further below the 50 growth threshold and hitting a three-month low as factories were hit by the global trade war led by Trump. Further complicating the Bank of Englands situation is that service industry companies raised prices at the fastest rate in three months.The UKs preliminary manufacturing PMI in August hit a three-month high, the preliminary services PMI hit a 12-month high, and the preliminary composite PMI hit a 12-month high.The onshore RMB closed at 7.1778 against the US dollar at 16:30 on August 21, up 15 points from the previous trading day.The UKs preliminary composite PMI for August was 53, expected to be 51.6, and the previous value was 51.5.The UKs preliminary services PMI for August was 53.6, in line with expectations of 51.8 and the previous value of 51.8.

USD/CAD Bears In Control And Aiming At Support Zone Lows

Alina Haynes

Apr 04, 2023 13:53

USD:CAD.png 

 

The USD/CAD exchange rate is unchanged on the day after a succession of negative impulses drove the price into new territory to the downside and deeper into a support region as a result of the oil price rally. The USD/CAD exchange rate was 1.3431 at the time of writing.

 

Monday's 6.3% rise in West Texas Intermediate WTI crude oil to an intraday high of $81.51 strengthened the CAD. The oil price surged after the OPEC+ cartel surprised the market with a production cut of 1.1 million barrels per day to support prices, with the cartel announcing that it will reduce output prior to Monday's ministerial meeting.

 

Analysts at TD Securities observed that the Bank of Canada's Business/Consumer Surveys painted a more dovish picture ahead of the April BoC meeting, with a marked improvement in capacity pressures and consumer inflation expectations.

 

Analysts noted that firm-level inflation expectations continue to be elevated and that consumer growth and income expectations have also increased since the fourth quarter.

 

''The Bank of Canada should be pleased with these results, which indicate a decline in capacity pressures and a moderation in inflationary pressures. However, inflation expectations remain a formidable impediment to near-term relief. If growth does not decelerate substantially in the second quarter, it may be difficult for the Bank of Canada to keep rates at 4.50 percent. Analysts believe that the report is optimistic for CAD.


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