The Canadian Dollar made gains against the Pound and the majority of its most traded peers after eagerly awaited GDP data came in stronger than forecast by economists.
According to Statistics Canada, GDP grew by 2% on an annual basis and 0.3% on a monthly basis. The annual rise showed that the nation’s economy expanded at a faster rate in August, accelerating from July’s figure of 1.5%. Economists had been expecting GDP to expand by 1.7% annually and just 0.1% monthly.
Increases in the amount of gas and oil being extracted from the country was touted as the main reason the GDP rise with output rising by 2.8% in August to a record level of $97.6 billion. Other industries made a more modest contribution to growth during the month, with wholesaling rising 0.4% and manufacturing falling 0.3%.
Also supporting the ‘Loonie’ was the publication of a separate report which showed that average weekly earnings of non-farm employees rose by 1.3% in August from the same time in the previous year.
The currency strengthened from a seven-week low against the U.S. Dollar as the Federal Reserve maintained its $85 billion in monthly bond purchases yesterday, while leaving open the possibility for future reductions by saying economic growth persists.
Against the Euro the ‘Loonie’ rose to a weekly high after the single currency was weighed upon by disappointing data out of Germany and the news that unemployment in Italy hit a new record high, casting doubt on the Eurozone recovery.
Current Canadian Dollar (CAD) Exchange Rates:
The Canadian Dollar/US Dollar Exchange Rate is currently in the region of: 0.9560
The Canadian Dollar /Euro Exchange Rate is currently in the region of: 0.6976
The Canadian Dollar/Pound Sterling Exchange Rate is currently in the region of: 0.5965
The Pound Sterling/Canadian Dollar Exchange Rate is currently in the region of: 1.6761
The US Dollar/ Canadian Dollar Exchange Rate is currently in the region of: 1.0459
The Euro/Canadian Dollar Exchange Rate is currently in the region of: 1.4333
The New Zealand Dollar/Canadian Dollar Exchange Rate is currently in the region of: 0.8657
(Correct as of 14:10 pm GMT)
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