The Canadian dollar drew down on Friday against its southerly rival after the nation released underwhelming economic data about the country’s manufacturing sector, according to published reports.
Bloomberg reports the losses were the first in four days as the Group of 20 convenes meetings in Moscow. The amount of manufacturing sales in December scraped its lowest level in almost 48 months, according to The Canadian Press.
“People are so focused on the G-20 meeting and what that may or may not bring for the yen and the heightened volatility in the euro the least couple of days, and that’s such a strong focal point most of the other currency pairs have been sidelined,” global currency strategy head Adam Cole with Royal Bank of Canada in London told Bloomberg on Friday.
Many observers are keeping a close eye on what will ensue at the G20 meetings regarding Japan, host of the globe’s third-largest economy. The Pacific Rim nation has been pursuing aggressive monetary easing policies since the middle of December, raising the eyebrows of the global community.
The transportation equipment industry of Canada saw sales fall more than 9 percent to amount to losses of $7.8 billion, according The Canadian Press.
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