During New York mid-day trading on Wednesday, the Canadian dollar traded further higher against major currencies after the releasing of some U.S. economic data and the U.S. EIA weekly crude oil report. The loonie hits new multi-year high versus euro.
The U.S. Labor Department released a report showing that its consumer price index for July showed that prices were unchanged for the second consecutive month. Economists had been expecting prices to edge up by about 0.2 percent.
Excluding food and energy prices, the core consumer price index crept up by 0.1 percent in July after rising by 0.2 percent in each of the four previous months. The core index had been expected to show another 0.2 percent increase.
Compared to the same month a year ago, the headline consumer price index rose by 1.4 percent in July. The annual rate of growth compares to 1.7 percent in June and is the slowest since November of 2010.
The core consumer price index increased at an annual rate of 2.1 percent in July, a slight deceleration from the 2.2 percent growth seen in June and the smallest increase since October of 2011.
According to a report released by the Federal Reserve today, the industrial production increased by 0.6 percent in July compared to economist estimates for an increase of about 0.5 percent.
The U.S. Energy Information Administration in its weekly crude oil report said U.S. commercial crude oil inventories decreased by 3.70 million barrels to 366.20 million barrels last week, but are above the upper limit of the average range for this time of year.
The week before, crude oil inventories decreased by a similar 3.70 million barrels to 369.90 million barrels.
Extending its previous session's uptrend, the loonie advanced further against the euro in New York mid-day deals and presently trading near a fresh multi-year high of 1.2148 from yesterday's close of 1.2231.
Against its US and Japanese counterparts, the Canadian unit also edged up further in today's North American session and as of now trading near new multi-month highs of 0.9890 and 79.86, respectively.
by RTT Staff Writer
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