The Canadian, Australian and New Zealand dollars are slightly weaker today. Canada released much softer than expected IVEY PMI. Analysts were already looking for a 7 point drop, but instead, the index dropped a whopping 13.2 points.
This indicates that the strength of the loonie is finally having a big impact on the Canadian economy. The drop in the employment component of the report also suggests that next week?s employment numbers will be weak. Australia and New Zealand will be releasing their own employment reports as well. The employment component of the stronger Australian service sector PMI suggests that the labor should remain tight. The New Zealand labor market should also hold steady.