By Commodity News Service Canada
Winnipeg, July 28 – The Canadian dollar closed higher on Monday ahead of a heavy slate of North American economic data to be released this week, analysts say.
At 3:47 CDT Monday afternoon, the Canadian currency was quoted at US$0.9259 or US$1=C$1.0801. This compares with Friday’s North American close of US$0.9247, or US$1 = C$1.0814.
There is one major Canadian economic report scheduled to come out this week. Statistics Canada posts May gross domestic product figures on Thursday and economists are looking for a 0.3 per cent gain for the month.
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On Tuesday U.S. traders will look into second quarter GDP data and on Wednesday the U.S. Federal Reserve will make its scheduled announcement on interest rates. On Friday, traders will consider the latest reading on the health of the American manufacturing sector from the Institute of Supply Management, while the government releases the employment report for July. Canada’s employment report will be released on August 8.
Canada’s two-year bond was yielded at 1.088 per cent on Monday, in comparison to 1.083 per cent from Friday. The 10-year bond yielded 2.117 per cent from 2.113 per cent. Bond yields move inversely to bond prices, traders say.
