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GBP/USD rebounds from monthly lows, trades above 1.2400
GBP/USD has staged a rebound and climbed above 1.2400 after having touched its lowest level in a month near 1.2370. The negative opening in Wall Street helps the US Dollar hold its ground and limits the pair’s upside. The US PMI data showed an ongoing expansion in the private sector.
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Canada’s Industrial Product Price index (MoM) exceeded expectations in April, with an actual price decline of only 0.2%.
Analysts had feared that the index would experience a 2.4% decrease in April, but it appears the figure was overstated. The index fell only 0.2%, leading to a generally optimistic assessment of the state of the Canadian industrial sector.
This lower-than-expected decrease in prices signals increased demand for industrial products in the country. As the Canadian economy slowly opens up after the pandemic, businesses seem to be restocking their inventories and rebuilding their supply chains.
The increased demand for industrial goods raised the index value and allowed producers to increase output, while still keeping prices affordable. While the index still experienced a 0.2% decrease, the lower decline than expected was seen as a positive development by industry professionals.
The rise in demand, as well as the improved forecast in the industrial sector, were both welcomed news for the Canadian economy, especially as the country begins to emerge from the pandemic. It appears that with increased investment, better inventory management, and rebuilding of supply chains, the Industrial Product Price index could continue to rise in the months ahead.
