Global credit tsunami shows Ivey PMI is useless

I’ve always suspected that the Ivey PMI index in Canada is a waste of pixels. This confirms it: as the global credit crunch spread its tentacles, we are meant to believe that the Canadian economy rebounded last month as the index jumped to 61.0 from 51.5. Uh huh.

A slow go North of the border

Canada grew just 0.3% in Q2, Statscan reports. Dealers note steady sales of commodity currencies in recent sessions as global growth cools.  USD/CAD changes hands mid-range at 1.0508.