By MarketsFarm
WINNIPEG, May 19 (MarketsFarm) – The Canadian dollar was stronger Thursday morning amid expectations for continued interest rate hikes in the country.
At 8:44 a.m. CDT Thursday morning the Canadian dollar was at US$0.7818 or US$1=C$1.2791, which compares with Wednesday’s close of US$0.7788 or US$1=C$1.2841.
Canada’s Industrial Product Price Index (IPPI) was up by 0.8 per cent on a monthly basis in April, seeing a 16.4 per cent annual rise, according to a report from Statistics Canada. Meanwhile, the Raw Materials Price Index (RMPI) was down by 2.0 per cent in April compared to the previous month, but still up by 38.4 per cent on the year.
Statistics Canada also reported that new home prices in the country were up by 0.3 per cent in April compared to March, cooling down slightly after quarterly growth of 1.1 per cent during the first three months of the year.
Crude oil was weaker in early activity. West Texas Intermediate was down by 1.6 per cent at US$105.28 per barrel.
The TSX was lower, down 189.70 points at 8:44 CDT, trading at 19,911.68 points.
