Canadian dollar and business outlook

WINNIPEG, June 19 (MarketsFarm) The Canadian dollar was stronger on Wednesday morning, following an announcement from Statistics Canada that inflation increased in May.

At 8:45 CDT Tuesday morning, the Canadian dollar was at US$0.7486 or C$1.3358, which compares with Tuesday’s North American close of US$0.7466 or C$1.3394.

Statistics Canada announced that inflation increased quicker than expected in May, jumping 2.4 per cent from the previous year. The increase is largely due to a rise in prices for food and durable goods.

In light of this announcement, it is largely speculated that the Bank of Canada will keep interest rates steady for the time being.

The TSX lost modestly at 8:45 CDT, down 5.13 points at 16,498.22. The S&P 500 Index was up 28.08 points to hit 2,917.75. Similarly, the Dow Jones gained 353.01 points at 26,465.54. The NASDAQ gained 108.86 to hit 7,953.88.

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