Thursday, June 28, 2007

Canadian Dollar Advances Against Major Counterparts Thursday, Thursday, June 28, 2007 12:45:15 PM

The Canadian dollar advanced against each of its major counterparts Thursday in New York. Trading took place amid a report showing that Canadian industrial and raw materials prices fell modestly in May.

The Canadian dollar advanced versus the greenback Thursday in New York. The loonie gained ground against its American counterpart for most of the morning before pulling back slightly. At 12:32 pm ET, the Canadian currency traded at a mark of 1.0624 against its American counterpart. That is compared to an intraday high of 1.0606 at 9:40 am. Greenback traders considered the release of American GDP data, but are looking forward to the 2:15 pm announcement of the Fed interest rate decision.

Versus the euro, the Canadian dollar gained ground Thursday in New York. At 12:34 pm ET, the Canadian currency fetched a mark of 1.4295 against its European counterpart. This is compared to an intraday high of 1.4285 at 9:40 am. Euro traders considered data showing the German jobless rate fell in June.

The Canadian dollar ticked higher against the sterling Thursday in New York. At 12:37 pm ET, the loonie traded at a mark of 2.1250 against its British counterpart. This is just off an intraday high of 2.1236 at 9:40 am. Sterling investors mulled data showing that U.K. housing price inflation accelerated in June.

Against the yen, the Canadian dollar moved higher Thursday in New York. The Canadian currency gained steadily for much of the morning, reaching an intraday high of 115.98 at 9:40 am ET. The loonie pulled back from some of its gains later in the morning before rising again in the early afternoon. At 12:39 pm, the Canadian dollar fetched a mark of 115.83 against its Japanese counterpart. Investors mulled data showing that Japan`s industrial production fell in May from the previous month.

Statistics Canada released its report on Canadian industrial product and raw materials prices in the month of May on Thursday, showing that prices fell modestly during the month after trending higher recently. The report showed that industrial product prices fell 0.5 percent in May after six consecutive monthly increases. The decrease reflected lower prices for motor vehicles and other transportation equipment as well as primary metal products and pulp and paper products.
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