By Commodity News Service Canada
WINNIPEG, June 29 (CNS Canada) – The Canadian dollar was stronger Friday morning, as better-than-expected gross domestic product data provided support.
At 9:13 CDT Friday morning the Canadian dollar was at US$0.7583 or C$1.3187, which compares with Thursday’s North American close of US$0.7537 or C$1.3267.
Canada’s GDP grew at a seasonally adjusted rate of 0.1 per cent in April, according to a report from Statistics Canada. Average pre-report expectations had been for a steady reading on the month, and the increase was seen as underpinning expectations for an interest rate hike from the Bank of Canada.
In other domestic data, the Industrial Product Price Index was up by 1.0 per cent in May, while the Raw Materials Price Index was up by 3.8 per cent.
Crude oil was higher, providing some support for the energy-linked currency.
The TSX was stronger at 9:13 CDT, up 114.29 points at 16,294.18.
