Canada Ivey PMI for May 2020
- Prior was 23.6
- Seasonally-adjusted 39.1 vs 22.8 prior
For PMIs, it's important to note that improvement doesn't mean improvement in the underlying business. Any reading below 50 is still a contraction, so this is simply a slower contraction.
In any case, the loonie rarely moves on this report. There was a time when it did, but it turned into a garbled mess of volatility and few people trade on it or look at it anymore.
