Canadian dollar trading above 79 cents US, highest in more than a decade
Thursday, September 30, 2004
TORONTO (CP) - The Canadian dollar traded above 79 cents US early Thursday, building on an 11-year high close achieved the day before.
The loonie was up 0.63 of a cent at 79.38 in early afternoon trading even as Statistics Canada said gross domestic product edged up just 0.1 per cent in July, missing economists expectations of 0.3 per cent. The July rate followed a 0.4 per cent gain in June.
On Wednesday, the International Monetary fund raised its outlook on Canada's economic growth and issued a steady-as-they-go recommendation on the country's monetary and fiscal policies.
The Washington-based global agency projected growth in Canada's economy, after accounting for inflation, of 2.9 per cent this year. That is up from the IMF's April forecast of 2.6 per cent and up from two per cent real growth in gross domestic product last year, though still below the 3.4 per cent growth of 2002.
The IMF predicts Canada's economy will expand 3.1 per cent next year.
The Canadian dollar has risen 1.88 cents US this year.
© The Canadian Press 2004