By Commodity News Service Canada
Winnipeg, September 17 – The Canadian dollar closed stronger against its
US counterpart on Tuesday, as positive Canadian economic data gave the loonie
a boost, industry watchers said.
According to Statistics Canada, manufacturing sales were up 1.7% in July
to C$49.5 billion. July’s gains were significantly higher than the 0.5%
increase economists’ forecast.
The Canadian dollar found further strength from weaker-than-expected US
economic data. According to reports, the US consumer price index was up 0.1%
in August, following a 0.2% gain in July, analysts said. ‘
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limited the loonie’s advances.
Traders were also looking ahead to Wednesday’s policy statement from the
US Federal Reserve, brokers said.
The Canadian currency late in the afternoon was quoted at C$0.9714
(US$1.05294). This compares with Monday’s late North American quote of
C$0.9685 (US$1.0325).
Canadian bonds were higher on Tuesday, as weak US economic data brought
into question at what pace the US Federal Reserve will slow its monetary
stimulus, participants said.
Canada’s two-year bond yield is at 1.261% Tuesday, down from 1.267%
Monday, according to electronic-trading platform CanDeal. The 10-year bond
yields 2.773%, down from 2.780%.
