(Bloomberg) --The Canadian dollar rose to a 30-year
high after a report showed May retail sales rose at the fastest
pace in almost a decade, bolstering speculation the central bank
will increase interest rates.
The currency was the best performer today against the U.S.
dollar among the 16 mostly actively traded currencies. It rose
to 96.39 U.S. cents at 9:10 a.m. in Toronto from 95.52 U.S.
cents yesterday, reaching the highest since February 1977. The
currency eclipsed the previous 30-year high of 96.14 U.S. cents,
reached on July 18. One U.S. dollar buys C$1.0375. The currency
has gained 12 percent this year on a strengthening economy and
surging commodity prices.
Read more at Bloomberg Currencies News
high after a report showed May retail sales rose at the fastest
pace in almost a decade, bolstering speculation the central bank
will increase interest rates.
The currency was the best performer today against the U.S.
dollar among the 16 mostly actively traded currencies. It rose
to 96.39 U.S. cents at 9:10 a.m. in Toronto from 95.52 U.S.
cents yesterday, reaching the highest since February 1977. The
currency eclipsed the previous 30-year high of 96.14 U.S. cents,
reached on July 18. One U.S. dollar buys C$1.0375. The currency
has gained 12 percent this year on a strengthening economy and
surging commodity prices.
Read more at Bloomberg Currencies News
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