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Economic releases from North America encouraged the pessimists of global growth today as dockets pointed to further slowdown in activity.
- Canada's gross domestic product (GDP) contracted by -0.5%, putting the country in technical recession, which adds pressure on Bank of Canada (BOC) to act further to improve outlook. Not a bullish news for Loonie. RBC manufacturing PMI dropped below 50 mark to 49.4, pointing contraction.
- Rate hike from US Federal Reserve is further in doubt as economic dockets revealed weakness. ISM manufacturing PMI came at 51.1, much weaker than economists' expectation of 52.6 and 52.7 prior. ISM prices paid, dropped further to 39 from 44 prior thanks to continued commodity rout. TIPP economic optimism dropped to 42 in September from 46.9 in August, lowest level since November 2013.
Global markets' focus will be on Friday's NFP report, a miss of which could seriously dent rate hike probabilities in September.
Dollar index is currently trading at 95.54, down -0.4% for the day.
