Loonie at 74.14 U.S. cents
strengthened to a one-month high against its U.S. counterpart on Monday as investors grew more optimistic about the global economy and ahead of inflation data that could sway the Bank of Canada’s interest rate outlook.
“The Canadian dollar is reflecting global growth optimism at the moment,” said Adam Button, chief currency analyst at ForexLive. “China last week stepped up with more stimulus, and American economic data continues to impress.” Canadian producer prices grew by 1.3 per cent in August from July on higher prices for energy and petroleum products, as well as chemicals and chemical products, Statistics Canada said.
Earlier this month, the Canadian central bank held its key interest rate at 5 per cent, but said it could raise borrowing costs again should inflationary pressures persist.
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