Canada's Ivey Purchasing Managers Index rose sharply to 60.10 in January, rebounding from upwardly revised 49.3 (33.4) in the previous month, beating analysts' estimates of 42.3.
Firms expanded their workforce at a faster pace (60.5 vs. 59.5 in December) while there was a reduction in inventories (52.7 vs. 53.9). At the same time, the rate of inflation eased (63.6 from 67.5) while supplier deliveries were slower than the previous month (52.3 from 49.1).
One need to keep in mind that this highly volatile low-tier manufacturing survey, which should not be used as a standalone indicator.


USDCAD broke above resistance level at 1.3450 after release of today's PMI data. Source:xStation5
Daily summary: Precious metals euphoria continues unabated 📈
BREAKING: China issues implementation rules on port fees on US ships
France on the Brink
Economic calendar: light agenda kicking off an interesting week 📌