The Canadian dollar gained against its US counterpart after the indicator of Canada’s business rose last month more than was expected. At the same time, the loonie retreated versus the euro and the Japanese yen.
Richard Ivey School of Business released its Purchasing Managers’ Index yesterday, which showed an increase from 47.5 in November to 52.8 in December. The reading was above the analysts’ forecast of 51.3. A value above 50.0 indicates an expansion of activity.
Crude oil, the biggest Canada’s export, rose 0.2 percent to $93.30 per barrel in New York. At the same time, the Standard & Poorâs 500 Index of shares fell 0.3 percent.
USD/CAD fell from 0.9868 to 0.9856 and traded near that level as of 00:37 GMT today. Meanwhile, EUR/CAD was at about 1.2933 following the increase from 1.2908 to 1.2930. CAD/JPY dropped from 89.00 to 88.67 today.
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