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Loonie Hits 14-month High Against Greenback

Published July 17, 2017
  • The Loonie reached 14-month highs against USD today despite oil prices edging lower, as higher interest rates continued to underpin demand for the currency
  • China’s Q2 GDP easily exceeded forecasts with retail sales and industrial output also both strong. This upbeat data puts China in a good position to meet its 2017 growth target, while giving policymakers room to tackle big economic challenges ahead of key leadership changes later this year
  • The strong data from China kept global equities near record highs this morning as investors cheered the Chinese data by piling into leveraged positions
  • The U.S. dollar index fell to a 10-month low of 94.86 in overnight trading but has since ticked back up slightly to 94.93
  • The British and EU Brexit negotiators met in Brussels today and pledged to “get down to work”. British Brexit Secretary David Davis and EU negotiator Michel Barnier will brief the media on Thursday after spending four days going over a range of priority issues