The following is excerpted from today’s article by the Globe and Mail.
The Canadian dollar was lower Thursday as the American currency strengthened amid data showing stronger than expected economic growth in the second quarter. Also, commodity prices backed off as concerns about intervention in Syria’s civil war faded somewhat.
The loonie was down 0.23 of a cent to 95.14 cents (U.S.) as gross domestic product grew at an annualized rate of 2.5 per cent, better than the 2.2 per cent that economists expected. The original reading was 1.7 per cent…
On Thursday, Statistics Canada said the country’s current account deficit increased $1.1-billion to $14.6-billion in the second quarter on a seasonally adjusted basis. It says the change was largely reflected in the trade balance, led by a higher deficit on trade in goods.
The deficit on trade in goods expanded $1.1-billion in the second quarter to $3.1-billion, as imports increased…
This article is available in its entirety at http://www.theglobeandmail.com/report-on-business/economy/currencies/loonie-lower-greenback-higher-amid-better-than-expected-us-growth/article14018844/#dashboard/follows/.