The Canadian Dollar is little moved against the Pound and other peers after data showed that the North American nation’s economy contracted in June.
According to Statistics Canada the country’s Gross Domestic Product expanded by 1.7% at an annualized pace from April to June whilst for the quarter the figure showed a 0.5% decline, the biggest fall since March 2009, which was during the country’s last recession. Economists had called for GDP to grow by 1.6% in the second quarter and by 0.4% in June, quarter by quarter.
The weaker June growth figures are thought to reflect the impact from flooding in Alberta and a construction worker strike in Quebec during the early part of the month, economists said.
Data out of the United States showed that personal spending edged 0.1% higher in July from a month earlier, under expectations of 0.3% growth in the month. That comes after a strong June when personal spending increased by an upwardly revised 0.6%.
With the economic data out, the Canadian Dollar is likely to see some choppy waters for the rest of the session, due to investor flows from month-end and week-end re-positioning ahead of the USA’s Labour Day holiday weekend.
Current Canadian Dollar (CAD) Exchange Rates:
The Canadian Dollar/US Dollar Exchange Rate is currently in the region of: 0.9504
The Canadian Dollar/Pound Sterling Exchange Rate is currently in the region of: 0.6121
The Canadian Dollar /New Zealand Dollar Exchange Rate is currently in the region of: 1.2215 >
The Pound Sterling/Canadian Dollar Exchange Rate is currently in the region of: 1.6335 >
The US Dollar/ Canadian Dollar Exchange Rate is currently in the region of: 1.0521 >
The Euro/Canadian Dollar Exchange Rate is currently in the region of: 1.3937
The Australian Dollar/Canadian Dollar Exchange Rate is currently in the region of: 0.9408 >
(Correct as of 14:25 pm GMT)
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