Canadian Forex Midday: Cdn Dollar Weakens Following GDP Data
Tuesday, August 31, 2021 12:53 PM

, Aug. 31, 2010 (Resource News International) -- The Canadian dollar was weaker at midday
Tuesday, pressured domestic economic data showing that the
country's economy grew at a slower-than-expected rate during the
second quarter.

At 11:41 CDT, the Canadian dollar was trading at 93.79 US cents
or C$1.0662 which compares with 93.85 US cents or C$1.0669 early
in the day, and Monday's North American close of 94.30 US cents,
or C$1.0605.

Canada's gross domestic product grew 2.0% during the second
quarter of 2010, down from 5.8% in the first quarter, reported
Statistics Canada. Analysts had predicted an increase of 2.5% for
the period.

The softer number raised some doubts about whether or not the
Bank of Canada will increase interest rates in September, according
to analysts.

Losses in crude oil also weighed on the energy-linked Canadian
dollar, according to analysts.

At midday on Tuesday the Toronto Stock Exchange was stronger,
up 59.92 points at 11:41 CDT to sit at 11,955.47.

 

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