The Canadian dollar on Friday dropped toward its lowest value in almost two years against the world's reserve currency following the release of weaker-than-anticipated economic data, Bloomberg reports.
For a second consecutive month, the core inflation rate of Canada climbed at a pace of 1.1 percent while Bloomberg-polled economists forecast the metric to climb at 1.2 percent. April retail sales also did not climb as high as anticipated, prompting the Canadian dollar to dive toward its biggest weekly losses since September 2011.
"Retail sales were unimpressive," states a Friday email to Bloomberg from fixed-income strategies director Adrian Miller with GMP Securities LLC in New York. "I see nothing in the recent Canadian data that suggests anything other than sub-2 percent growth in 2013 as support from business investments and consumer spending fail to materialize as some have predicted or hoped."
Those losses occurred very rapidly after Statistics Canada released the economic data from its offices in Ottawa.
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