Sunday July 5, 2015 - 12:46:20 GMT
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EXCLUSIVE CHARTS: Comparative PMI Data for U.S., Canada, China and Australia
Falling oil prices in late 2014 were a weight on the Canadian economy. You can see how it might have started to revover as prices bottomed. China has yet to rcover from the global econmic slowdown which reduced demand for its exports. Australia continues to suffer from reducd raw material exports to China. You can see how the U.S. has started to recover from the slowdown in the first part of this year, but it has a long way to go to reach recent peak levels seen in late 2014.
In terms of forex, these data are supporttve of the USD, neutral for the CAD and negative for the CNY and AUD.. I use the PMI Manufacturing reports as a benchmark for how economies are currently perfoming. Manufacturing PMI data tend to be a good reflection of current conditions. I have not found them to be very good forecasts of future economic performance. My charts are three-month moving averages. I smooth the data to remove "noise" from the reports.
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