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The Canadian dollar is higher in the early US session following better-than-expected retail sales numbers. Following good PMIs, the pound has also strengthened. The Euro, on the other hand, had little reaction to the strong PMI results. Conversely, the euro appears to be responding to ECB President Christine Lagarde’s statement that dovish policies would be needed for several months. Today’s worst currency is the Euro, which is followed by the Swiss Franc and then the Dollar.
In March, retail sales in Canada increased by 3.6 percent mom to CAD 57.6 billion, exceeding the 2.3 percent mom forecast. Ex-auto sales increased by 4.3 percent mom, above the 4.0 percent mom forecast.
Sales rose in ten of eleven subsectors, accounting for 79.1% of total retail sales. Sales increased by 1.8 percent in the first quarter, marking the third consecutive quarterly rise. Retail sales fell -5.1 percent, mom, in April, according to preliminary estimates. This unofficial calculation was derived from responses from 46 percent of the companies polled.
In May, the Eurozone PMI Manufacturing fell to 62.8 from 62.9, exceeding expectations of 62.4. However, PMI Services rose to 55.1 from 50.2, exceeding expectations of 52.0 and reaching a 35-month high. PMI Composite rose to 56.9, a 39-month high, from 53.8.
Canadian Dollar Soars, Euro Continues To Fall Daily, Trading Below 1.2180
After Markit’s Services PMI reached 70.2 points in May, the highest on record and beyond expectations, the EUR/USD fell below 1.22. ECB President Lagarde previously stated that accommodating policies would continue to be important.
The sustained USD strength appears to be pulling on EUR/USD. According to IHS Markit, private sector market activity increased at a record pace in May, with the Manufacturing PMI and the Services PMI both hitting new series highs of 61.5 and 70.2, accordingly. Furthermore, the study noted that price pressures continued to rise rapidly, reigniting fears of high inflation.
As the Canadian dollar soars, the EUR/USD pair came under bearish pressure and reached a daily low of 1.2160 after trading sideways around 1.2230 for the first half of the day. As of this writing, the pair was trading at 1.2183, down 0.34 percent on the day, but is expected to finish the week down.
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