Canada Markit March manufacturing PMI 58.9 vs 56.6 prior

• Record high reading (series started in 2011)

• Prior was 56.6
• Input cost and output price inflation both accelerate to series highs
• Looking ahead, firms were upbeat about their growth prospects in the year ahead with sentiment improving

Shreeya Patel, Economist at S&P Global, said:

"Canada's manufacturing sector again enjoyed a bustling month of trading in March to conclude the first quarter of 2022 with a record improvement in business conditions. Key to growth were robust uplifts in output, new orders and purchases. Staffing levels meanwhile continued to expand while further signs of capacity pressures will ensure workers are kept busy over the spring and summer months.

"Though, while data continues to look positive at first glance, severe concerns are apparent upon deeper inspection. A common theme in the latest survey were further expectations of material scarcity, delivery delays and future price hikes. Another severe lengthening of delivery times supported concerns, which is likely to persist even though global pandemic restrictions are expected to ease further.

"Consumers meanwhile stocked up on inputs despite intense cost pressures. In fact, latest data revealed survey-record increases in output and input price inflation Inflation Inflation is defined as a quantitative measure of the rate in which the average price level of goods and services in an economy or country increases over a period of time. It is the rise in the general level of prices where a given currency effectively buys less than it did in prior periods.In terms of assessing the strength or currencies, and by extension foreign exchange, inflation or measures of it are extremely influential. Inflation stems from the overall creation of money. This money is m Inflation is defined as a quantitative measure of the rate in which the average price level of goods and services in an economy or country increases over a period of time. It is the rise in the general level of prices where a given currency effectively buys less than it did in prior periods.In terms of assessing the strength or currencies, and by extension foreign exchange, inflation or measures of it are extremely influential. Inflation stems from the overall creation of money. This money is m Read this Term. With demand showing no signs of letting up and the knock-on effects of the war in Ukraine, we can expect to see prices rising at elevated rates for at least the duration of the year."

CAD CAD The Canadian dollar (CAD) is the official currency of Canada and at the time of writing is the fifth most-held reserve currency in the world behind only the US dollar, euro, Japanese yen, and British pound.The CAD is commonly referred to as the Loonie by forex analysts and traders. At the time of writing, the CAD accounts for 2% of all global currency reserves.Its appeal is strong among central banking authorities given Canada’s economic strength, sovereignty, and historic stability.Originally i The Canadian dollar (CAD) is the official currency of Canada and at the time of writing is the fifth most-held reserve currency in the world behind only the US dollar, euro, Japanese yen, and British pound.The CAD is commonly referred to as the Loonie by forex analysts and traders. At the time of writing, the CAD accounts for 2% of all global currency reserves.Its appeal is strong among central banking authorities given Canada’s economic strength, sovereignty, and historic stability.Originally i Read this Term was unchanged on this report but it's a good sign for the currency. I expect some very strong economic numbers from Canada in the months ahead.