By Commodity News Service Canada
WINNIPEG, June 30 (CNS Canada) The Canadian dollar was stronger Friday morning, as solid gross domestic product data added to expectations for an interest rate hike sooner-rather-than-later.
At 8:49 CDT Monday morning the Canadian dollar was at US$0.7702 or C$1.2984 which compares with Thursday’s North American close of US$0.7683 or C$1.3015.
Canada’s GDP increased by 0.2 per cent in April after a 0.5 per cent increase the previous month, reported Statistics Canada. With the GDP up for the sixth-straight month, the relatively stable state of the country’s economy added to the mounting expectations for a rate increase from the Bank of Canada sometime in the next few months.
However, in other domestic data, the Industrial Product Price Index was down 0.2 per cent in May, while the Raw Materials Price Index was down by 1.8 per cent, according to StatsCan.
The TSX was weaker at 8:49 CDT, down 25.82 points at 15,187.60.
