By Commodity News Service Canada
WINNIPEG, July 28 – The Canadian dollar gained some ground
against its US counterpart Tuesday morning as Statistics Canada
released a report on industrial product and raw material prices, and
ahead of a US Federal Reserve meeting.
At 8:40 a.m. CDT the Canadian dollar was at US$0.7693 or C$1.2999
which compares with Monday’s North American close of US$0.7666, or
C$1.3045.
The industrial product price index increased 0.5 per cent in
June, mainly due to higher prices for energy and petroleum products
and motorized and recreational vehicles, Statistics Canada said in
a report on Tuesday.
According to StatsCan, the industrial product price index
declined 0.9 per cent over the 12-month period ending in June, after
falling 1.3 per cent in May.
The US Federal Reserve starts a two-day meeting on Tuesday
and will issue a policy statement on Wednesday. Some analysts expect
the bank to increase interest rates in September.
The TSX was weaker in early activity, down 184.87 points at 8:40
a.m. CDT to sit at 14,001.37.
