By Commodity News Service Canada
Winnipeg, July 24 – The Canadian dollar moved slightly lower late Thursday morning as the International Monetary Fund (IMF) warned the domestic economy will slow alongside the global economy this year, analysts say.
At 11:40 CDT Thursday morning, the loonie was down 0.11 of a cent to US$0.9309 or US$1 = C$1.0742 as the IMF said economies around the world are taking longer than expected to recover.
Global growth is predicted to be about three-tenths of a point lower at 3.4 per cent this year that it thought in April, according to the latest economic outlook from the IMF.
Canada’s economy is now expected to expand by 2.2 per cent this year, one-tenth of a point slower than previously though and in line with the Bank of Canada’s latest forecast, traders say.
Earlier in the day on Thursday, the Canadian dollar had a small gain due to rising metal prices and strong manufacturing reports from China and Europe.
At midday on Thursday, the Toronto Stock Exchange was up 16.37 to sit at 15,410.75.
